Genesis MedTech Group, a medical device company, has selected advisers for a potential initial public offering in Hong Kong, according to people familiar with the matter.
The Singapore-based firm is working with Citic Securities Co., Goldman Sachs Group Inc. and Morgan Stanley on the proposed listing, which could take place as early as next year, the people said. Genesis could raise as much as $500 million in the IPO, though it could be significantly smaller depending on market conditions, one of the people said, asking not to be identified because the matter is private.
The company had weighed launching the first-time share sale this year, but decided to wait, one of the people said. Companies in the Asian financial hub have raised just $2.9 billion via IPOs this year, down from $4.7 billion a year ago, according to data compiled by Bloomberg. Indonesia, traditionally a less active market than Hong Kong in terms of IPO volume, has seen companies raise $2.92 billion this year.
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