Beijing Biostar Pharmaceuticals Looks to Raise Up to HK$321 Million from Hong Kong IPO

MT Newswires Live10-23

Beijing Biostar Pharmaceuticals (HKG:2563) launched its initial public offering in Hong Kong, seeking to raise as much as HK$320.9 million.

The pharmaceutical is offering 14,588,000 H shares at HK$16 to HK$22 apiece.

Beijing Biostar secured Novotech SG, Baheal Wellness, SilkyWater Absolute Return, and Wealth Strategy as cornerstone investors, which committed to subscribe for HK$178.8 million worth of IPO shares.

The issuer expects to determine its offer price on Oct. 29 and disclose the allocations on Oct. 30. It will then start trading on the Hong Kong bourse on Oct. 31, according to a Wednesday filing.

Net proceeds, estimated at HK$234 million, will be used to fund core products, clinical trials, and studies for non-core products and construct a local and international marketing network. Some of the funds will also be used to enhance production capabilities, and the rest will be used for general working capital needs.

CCB International, China Securities International, ICBC, SPDB International, and several others are the joint book-runners of the IPO.

Price (HKD): $2761.00, Change: $+1.2, Percent Change: +0.04%

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