(Bloomberg) -- InferVision, a medical artificial intelligence technology provider, has picked banks to work on its Hong Kong initial public offering which could raise about $300 million, according to people familiar with the matter.
The company is working with CSC Financial Co., Goldman Sachs Group Inc. and UBS Group AG on the planned listing, the people said, asking not to be identified as the information is private. The firm, which counts Goldman Sachs Asset Management and Qiming Venture Partners among its backers, could start its share sale as soon as this year, the people said.
InferVision had planned to list on Shanghai's Nasdaq-style STAR board and in January hired CSC Financial to arrange the onshore offering. The medical AI company is now joining other health-care firms in switching to Hong Kong for IPOs after China's securities regulator tightened rules for companies hoping to list on the STAR board, requiring them to prove their technology credentials.
Medical imaging and radiotherapy equipment maker Shanghai United Imaging Healthcare Co. and medical device maker Neusoft Medical Systems Co. are also planning Hong Kong listings after earlier preparing for STAR board IPOs, Bloomberg News has reported.
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InferVision focuses on AI and deep learning technologies for diagnosing illnesses such as lung diseases, according to its website. It has developed AI systems for medical quality control and research.
Earlier this month, InferVision completed a funding round led by Goldman Sachs Asset Management. It has raised over $210 million in total from investors including Qiming, CDH Investments and Springhill Fund.
Deliberations are ongoing and details of the IPO including size and timeline could still change, the people said. More banks could be added, they said. Representatives for Goldman Sachs and UBS declined to comment. CSC Financial and InferVision did not immediately respond to requests for comment.
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