Tencent-backed Waterdrop slumps in NYSE debut

Shares of Tencent-backed Chinese health insurance company Waterdrop dropped 14.5% in its New York debut on Friday, May 7. The company previously announced its IPO terms on Friday, April 30.

IPO Details and Price Drop

Waterdrop was scheduled to price its deal last Thursday, May 6. Waterdrop's American depository shares of the company opened at $10.25 before increasing to $11.50. The company priced the shares at $12 each in the IPO. Waterdrop raised $360 million in the stock sale. The company offered 30 million American Depository Shares at $10 to $12 each. Each ADS represents 10 Class A ordinary shares. Waterdrop traded under the New York Stock Exchange ticker WDH. Goldman Sachs, Morgan Stanley and BofA Securities are all underwriters on the IPO. Waterdrop granted Underwriters the c...

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