Paediatric hospital operator, New Century Healthcare, priced its 138 million share initial public offering bang on the mid-point of its indicative range on Thursday, raising HK$1,015.68 $131 million on a post-shoe basis.
The healthcare company is likely to be very happy with a HK$7.36 issue price given it has achieved a post shoe valuation of 28 times 2017 forecast earnings.
This is equal to or higher than its immediate Hong Kong-listed comparables such as Harmonicare, Wenzhou Kangning and China Resources Phoenix Healthcare, which are trading around the 26 to 28 times level.
Like so many Hong Kong...
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