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Report: Goldman Sachs-backed Venus MedTech eyes Hong Kong IPO

Venus MedTech Inc. is considering listing on the Hong Kong Stock Exchange, Bloomberg News reported, citing people with knowledge of the matter.

Hangzhou, China-based Venus MedTech, a startup backed by Goldman Sachs Group Inc., was founded in 2009 and develops minimally invasive heart valve systems.

Venus could seek to raise between $300 million and $500 million in a Hong Kong IPO, which could take place as soon as early 2019, the sources told Bloomberg. Discussions on a potential flotation are at an early phase and details of the transaction are not final.

Hong Kong has been attracting biotechnology and other healthcare companies after the Hong Kong Exchanges & Clearing Ltd., the parent company of the city's stock exchange, expanded its listing regime in April.

In May, Venus secured funding for production, sales network expansion and research and development from DCP Capital, a Greater China-focused private equity firm whose team previously led KKR and Morgan Stanley's PE business in China.

In 2016, Goldman Sachs agreed to invest $37 million in Venus, the report added. The company's other backers include Qiming Venture Partners, Sequoia Capital China and Dinova Venture Capital.