According to people familiar with the matter, the Hong Kong initial public offering could raise more than $500 million, according to Bloomberg Cowell Health, a Chinese drugstore chain backed by Hillhouse Capital.
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The people who asked not to be identified as the information is private are working on a potential share sale, according to the people who asked not to be identified as Bank of America Corp.. Goldman Sachs Group Inc. and Haitong International Securities Group Ltd. One person said that a listing could happen in the second half of this year.
There are still more banks that could be added, and the people said they were in deliberations. They said that the IPO's size could still change because of the recent market volatility. Representatives for Bank of America, Goldman Sachs and Hillhouse didn't immediately respond to requests for comment, while Representatives for Cowell and Haitong didn't immediately respond to requests for comment.
Cowell, founded in 2017, has more than 10,000 pharmacies in over 20 provinces in China, according to its website. It has licenses for so-called internet hospitals in four cities, including Tianjin and Chengdu, where patients can get treatments and prescriptions online.
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