LinkDoc Technology Limited, a Chinese medical technology company, updated its IPO application on July 6, planning to list on NASDAQ under the ticker symbol “LDOC”.
The underwriters for the listing are Morgan Stanley, Bank of America Merrill Lynch, CICC, UP Fintech Holding and Snowball.
LinkDoc plans to sell 10,825,000 American depositary shares (ADS) in this IPO, with the issue price range to be set between $17.50 and $19.50 per share. Moreover, the deal’s underwriters hold an additional 1,623,750 over-allotment rights. The IPO will raise about $200 million and aims to increase the firm’s overall market value to roughly $1.5 billion.
Founded in 2014, LinkDoc is a Beijing-based company that provides various data-driven and artificial intelligence-supported medical technology platforms. Zhang Tianze, founder and CEO, also serves as the largest shareholder in the company, accounting for 17.3% of shares and 67.6% of voting rights following the IPO.
The company provides services for patient care and clinical research, especially in the field of oncology. The company’s platforms include digital nursing platform LinkCare, medical data management system LinkData and LinkSolutions. Since 2015, the company has provided nursing services for more than 3.5 million patients.
China’s medical big data market is developing at a high speed. According to LinkDoc’s prospectus, the domestic market size in 2019 was $4.1 billion, with a compound annual growth rate of 43.9% over the past five years, and it is expected to reach $215.4 billion in 2030.