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CVC Capital-backed Asia Health Century eyes up to $300m in IPO

22 Nov 2013

drug-pharma-medical-healthcareCVC Capital-backed Chinese drug seller Asia Health Century International is reportedly planning to raise up to $300m from an IPO next month.

The IPO could be worth between $200m and $300m but is still in its premarketing phase according to the Wall Street Journal, which cited people familiar with the matter.

CVC paid about $84m for a 24.24 per cent stake in the business in 2011.

The company, which was founded in 1998, sells and distributes pharmaceutical and healthcare products in north east China through a network of 668 drugstores.

The business currently has a turnover of about $309m and employs 3,000 people.

In April it emerged that UK-headquartered CVC was reportedly scaling back the target for its latest Asia fund by aiming to raise $3bn.

The firm gathered $4.1bn for the predecessor CVC Asia Pacific III in 2008 but has decided to run a reduced-size fundraise this time around according to Dow Jones, which cited an investor.

CVC has had mixed fortunes in the region, scoring a successful recent exit of Indonesia’s Matahari Department Store but recording the biggest-ever loss on an Asia-Pacific deal through its investment in Australia’s Nine Entertainment.

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