Zhejiang Taimei Medical Technology Opens 14% Lower in Hong Kong Trading Debut

MT Newswires Live10-08

Zhejiang Taimei Medical Technology (HKG:2576) opened about 14% lower at HK$11.24 on its first trading day on the Hong Kong bourse Tuesday.

The medical technology company offered about 25,779,000 shares and priced its IPO at HK$13 per share, at the top of the price range of as low as HK$10, according to a Tuesday filing with the Hong Kong bourse.

The Hong Kong portion of the offering was oversubscribed about 156.33 times the 2,241,800 shares initially offered. The company reallocated 8,966,600 shares from the international offering, bringing the number of public offer shares to 12,889,600.

The international portion of the offering was oversubscribed about 2.58 times the 20,174,800 shares initially offered. After the reallocation, the final number of international offer shares was about 12,889,400.

Zhejiang Taimei Medical Technology's shares are trading at HK$10.44 in midday trade.

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