IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

Arun has over 15 years’ experience covering the Technology sector. During this time, he has worked with technology start-ups and as an equity analyst in investment banks and independent research firms. He was formerly a Technology Analyst for Canaccord Genuity, Altium Securities, Espirito Santo Investment Bank, Noble Group and Clear Capital. He has a dual Master’s degree in Financial Engineering and Industrial and Operations Engineering from the University of Michigan. He obtained his Bachelor’s degree in Mechanical Engineering from the Indian Institute of Technology, Bombay. He is also a CFA charterholder.

IPOs and Catalysts/Events

LinkDoc Technology IPO Valuation Analysis

Medlive Technology IPO: Valuation Insights

Medlive Technology IPO Initiation: What's Up, Doc?

LinkDoc Technology IPO Initiation: Building with Big Data

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/linkdoc-technology-limited" target="_blank" data-smartkarma-citation="entities:33499:1" rel="noopener">LinkDoc (LDOC US)</a> is a Chinese healthtech company. LinkDoc consists of LinkCare, a digital care platform for patients with critical diseases, LinkData, an AI-enabled curation system for longitudinal medical data, and LinkSolutions, a data-driven precision life sciences solution platform that helps life sciences companies accelerate clinical research and real-world adoption.</div><div></div><p>LinkDoc is backed by Temasek (11.7% of outstanding shares), NEA Partners (10.2%), China Broadband Capital (9.2%), <a href="https://www.smartkarma.com/entities/alibaba-health-information-technology-ltd" target="_blank" data-smartkarma-citation="entities:453:1" rel="noopener">Alibaba Health Information Technology (241 HK)</a> (8.4%) and MBK Partners (6.3%).</p><div><p>At the mid-point of the proposed IPO price range of $17.50-19.50 per ADS, LinkDoc will have a market cap of $1.6 billion. At the mid-point of the IPO price range, the net proceeds are $182.7 million, below the rumoured $500 million raise target. LinkDoc has received $115 million indications of interest (57.4% of the ADSs being offered) from existing shareholders (Alibaba Health, Lake Bleu, Temasek) worth $60 million and new investors (UBS Asset Management, Hudson Bay, Sage Partners) worth $55 million. </p></div><div><p>In <a href="https://www.smartkarma.com/insights/linkdoc-technology-ipo-initiation-building-with-big-data" target="_blank" data-smartkarma-citation="insights:53384" rel="noopener">LinkDoc Technology IPO Initiation: Building with Big Data</a>, we opined that LinkDoc is a play on China’s healthcare industry rising spend on IT and data services. LinkDoc focuses on oncology and has established the largest online oncology physician and patient engagement community in China. LinkDoc is benefiting from the trend of big data solutions adoption in healthcare by delivering solid growth and steadily reducing loss margins. Overall, we believe that LinkDoc is an attractive play on these market dynamics.</p></div><div>
<div class="content-highlight"><p>Our relative valuation analysis suggests that LinkDoc is fairly valued at the low-end of the IPO price range. Consequently, we are inclined to sit on the sidelines awaiting a more attractive entry point.   </p></div>
<div><p><strong><em>For readers interested in IPOs of upcoming healthtech companies, we highlight: </em></strong></p></div>
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<p><a href="https://www.smartkarma.com/insights/medlive-technology-ipo-initiation-what-s-up-doc" target="_blank" data-smartkarma-citation="insights:53683" rel="noopener">Medlive Technology IPO Initiation: What's Up, Doc?</a> </p>
<p><a href="https://www.smartkarma.com/insights/medlive-technology-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:53879" rel="noopener">Medlive Technology IPO: Valuation Insights</a> </p>
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<div><p><a href="https://www.smartkarma.com/insights/we-doctor-ipo-initiation-patient-revolution" target="_blank" data-smartkarma-citation="insights:50009" rel="noopener">We Doctor IPO Initiation: Patient Revolution</a> </p></div>
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LinkDoc (LDOC US) is a Chinese healthtech company. LinkDoc consists of LinkCare, a digital care platform for patients with critical diseases, LinkData, an AI-enabled curation system for longitudinal medical data, and LinkSolutions, a data-driven precision life sciences solution platform that helps life sciences companies accelerate clinical research and real-world adoption.LinkDoc is backed by Temasek (11.7% of outstanding shares), NEA Partners (10.2%), China Broadband Capital (9.2%), Alibaba Health Information Technology (241 HK) (8.4%) and MBK Partners (6.3%).At the mid-point of the proposed IPO price range of $17.50-19.50 per ADS, LinkDoc will have a market cap of $1.6 billion. At the mid-point of the IPO price range, the net proceeds are $182.7 million, below the rumoured $500 million raise target. LinkDoc has received $115 million indications of interest (57.4% of the ADSs being offered) from existing shareholders (Alibaba Health, Lake Bleu, Temasek) worth $60 million and new investors (UBS Asset Management, Hudson Bay, Sage Partners) worth $55 million. In LinkDoc Technology IPO Initiation: Building with Big Data, we opined that LinkDoc is a play on China’s healthcare industry rising spend on IT and data services. LinkDoc focuses on oncology and has established the largest online oncology physician and patient engagement community in China. LinkDoc is benefiting from the trend of big data solutions adoption in healthcare by delivering solid growth and steadily reducing loss margins. Overall, we believe that LinkDoc is an attractive play on these market dynamics.
Our relative valuation analysis suggests that LinkDoc is fairly valued at the low-end of the IPO price range. Consequently, we are inclined to sit on the sidelines awaiting a more attractive entry point.   
For readers interested in IPOs of upcoming healthtech companies, we highlight: 

Medlive Technology IPO Initiation: What's Up, Doc? 
Medlive Technology IPO: Valuation Insights 

We Doctor IPO Initiation: Patient Revolution 


LinkDoc Technology IPO: Valuation Insights