Pengai Hospital Management, a China-based chain of cosmetic surgeries backed by media and data company International Data Group (IDG), has filed for an initial public offering in Hong Kong yesterday.
The size of the IPO is yet to be determined, but Pengai plans to spend the cash on establishing or acquiring one or two larger treatment centres and eight to 10 small or medium-sized centres that can carry out non-surgical procedures. Additional capital will be invested in medical equipment.
IDG holds a 10.6% stake in Pengai through its IDG Technology, IDG China Growth and IDG China Investors subsidiaries. Other notable shareholders in the company include CMHJ Partners and TDR Advisors, each of which own 8% stakes.
All three participated in a $13.6m series A round for Pengai in 2012 that also featured China Growth Equity, Uptown Alliance, Gerald Scott Klayman and Ko (Guang) Su.
Pengai has not yet disclosed which banks will be underwriting the IPO, or when it plans to go public.