Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

A highly collaborative investment professional and research analyst with 10+ years of international experience in equity research, treasury operations, and trading positions across multiple asset classes at leading multinational banks Citibank and Morgan Stanley, UHNWI-backed family office and European independent equity research firm. A respectable background in equity capital markets, corporate treasury, investment banking operations, equity research analysis and portfolio management.

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Equity Capital Markets

WeDoctor Holdings / Equity Capital Markets

<ul>
<li>According to PHIP and Crunchbase, We Doctor’s most recently reported valuation was a ~$411M Series F led by HongShan Capital and Millennium Management at a ~$6.7B post-money valuation.  </li>
<li>My ballpark estimates suggest that IPO valuation target may be below last round valuation. However, I do not expect a significant discount to Series F post-money valuation of ~$6.7B.</li>
<li>I think investors will ask what is the revenue growth trajectory ahead (FY25-FY28) and why gross profit margins can’t be higher? What is the path to positive free cash flow?</li>
</ul>


According to PHIP and Crunchbase, We Doctor’s most recently reported valuation was a ~$411M Series F led by HongShan Capital and Millennium Management at a ~$6.7B post-money valuation.  
My ballpark estimates suggest that IPO valuation target may be below last round valuation. However, I do not expect a significant discount to Series F post-money valuation of ~$6.7B.
I think investors will ask what is the revenue growth trajectory ahead (FY25-FY28) and why gross profit margins can’t be higher? What is the path to positive free cash flow?


Ping An Healthcare and Technology (1833 HK)

We Doctor Holdings IPO: Some Thoughts on IPO Valuation Target Ahead of the Offering