Impact Therapeutics-B (07630) completed its initial public offering subscription period from May 5 to May 8. By noon on May 8, the IPO had concluded, attracting HK$126.695 billion in margin financing. Based on a public offering fundraising amount of HK$91.3 million, the offering was oversubscribed by approximately 1,387.64 times.
According to the listing plan, the company intends to globally issue 41.977 million H shares, with the Hong Kong public offering comprising roughly 10% of the total. The price range is set at HK$19.75 to HK$21.75 per share, with each board lot consisting of 200 H shares. The H shares are expected to commence trading on the Stock Exchange on May 13. Goldman Sachs and CICC are acting as the joint sponsors.
The prospectus indicates that Impact Therapeutics was established in 2009. It is a commercial-stage biotechnology company focused on advancing precision anti-cancer therapies based on the synthetic lethality mechanism globally, aiming to develop innovative treatments to address unmet medical needs in cancer patients.
The company's pipeline includes a self-developed core product, Senaparib, which has already been commercialized in China. Additionally, it features key products IMP1734 and IMP9064, both of which are currently being evaluated in global Phase I/II trials for their efficacy as monotherapies and in combination therapies for advanced solid tumors.
Financially, for the 2024 and 2025 fiscal years, the company reported revenues of approximately RMB 33.547 million and RMB 38.251 million, respectively. During the same periods, it recorded annual losses of about RMB 255 million and RMB 296 million.
Assuming an offer price of HK$20.75 per H share (the midpoint of the indicative price range of HK$19.75 to HK$21.75) and assuming the over-allotment option is not exercised, the group estimates it will receive net proceeds of approximately HK$781 million from the global offering after deducting underwriting commissions, fees, and expenses.
Regarding the use of proceeds, the group currently plans to allocate the net proceeds from the global offering as follows: approximately 51% will fund the ongoing and planned clinical development, regulatory approval, and commercialization of its core product, Senaparib; about 31% will be used for the ongoing clinical development of its key products, IMP1734 and IMP9064; roughly 8% will fund research and development activities for other pipeline assets, including IMP1707, IMP7068, IMP22, IMP25, IMP08, IMP13, and IMP10; approximately 8% will be allocated to the development of the group's R&D platform and expanding its drug pipeline; and about 2% will be used for working capital and other general corporate purposes.
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