Bao Pharma Nets HK$921.5 Million from Hong Kong IPO Ahead of Trading Debut

MT Newswires Live12-10

Shanghai Bao Pharmaceuticals (HKG:2659) raised HK$921.5 million in net proceeds from its initial public offering in Hong Kong.

The final offer price was set at HK$26.38 per share, according to an after-market filing with the Hong Kong Stock Exchange on Tuesday.

The biotechnology company offered 37.9 million H-shares in the global offering.

The Hong Kong public offer was 3,526.34 times oversubscribed, with a final allocation of 3.79 million shares, or 10% of the total offering.

The international offering was 6.59 times subscribed, with a final allocation of 34.1 million shares, or 90% of the total.

Cornerstone investors, including AnkeBio Hong Kong, DC Alpha Fund SPC, and Guotai Junan Investments, were allotted a combined 7.6 million shares, representing 20.06% of the global offering.

Shanghai Bao Pharmaceuticals is scheduled to debut on the Hong Kong bourse on Wednesday, Dec. 10.

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