Fangzhou Raises $67 Million in Hong Kong IPO Ahead of Debut

MT Newswires Live07-09

Fangzhou (HKG:6086) raised about HK$67.1 million in net proceeds from its initial public offering in Hong Kong after pricing the shares near the higher end of the indicative price range, according to a Monday filing with the Hong Kong bourse.

The chronic disease management services provider issued 23.8 million shares at HK$8.18 apiece, below the upper limit of its targeted range of HK$7.60 to HK$8.36 per share.

The Hong Kong or public offering portion of the transaction was 16.63 times oversubscribed, prompting the company to issue 7.1 million shares, with another 4.8 million shares allotted.

The international or placing shares were 1.66 times oversubscribed, and the firm issued about 16.7 million shares.

If the overallotment option is exercised in full, the issuer will raise about HK$29.2 million more from the IPO.

Fangzhou will start trading on the Hong Kong bourse on Tuesday.

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