Beijing-based medical services provider LinkDoc Technology is planning to raise up to $210 million in its planned Nasdaq IPO, as the U.S. toughens auditing standards for foreign firms listed in the country.

LinkDoc, backed by a subsidiary of Alibaba Health Information Technology, said that it will sell 10.8 million American depositary shares (ADSs) priced between $17.50 and $19.50, according to an amended prospectus it submitted to the U.S. Securities and Exchange Commission (SEC) on Thursday.

An overallotment option will allow underwriters to purchase up to 1.6 million more ADSs within 30 days if demand is strong.

LinkDoc said that it intends to use the proceeds from the offering primarily to strengthen its R&D capabilities, expand its patient care center network and service offerings, as well as for potential strategic investments and acquisitions.

LinkDoc opened for business in 2014, and said it has cumulatively cared for 3.5 million patients since 2015. It earns money through a number of channels, including sales of medicines, infusion and injection services, and from fees generated by service contracts with life science companies and medical associations.

LinkDoc reported revenue of 942 million yuan ($144 million) in 2020, representing a year-on-year increase of 89%, according to the prospectus. However, its net loss widened to 691 million yuan in 2020 from 553 million yuan a year earlier.

The company is eyeing a Chinese health care services market expected to grow from $657 billion in 2019 to $1.4 trillion in 2030, according to data from Frost & Sullivan provided in the prospectus.

Yang Ge contributed to this report.

Contact reporter Ding Yi (yiding@caixin.com) and editor Heather Mowbray (heathermowbray@caixin.com)

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