Hanx Biopharmaceuticals (Wuhan) (HKG:3378) launched its initial public offering in Hong Kong on Monday, aiming to raise as much as HK$586.3 million.
The biopharmaceutical firm is offering 18.3 million H shares at an indicative price range of HK$28 to HK$32 apiece, according to a filing Monday.
The issuer expects to determine its final offer price on or before Dec. 19 and disclose the allocations on Dec. 22. It will start trading on the Hong Kong bourse on Dec. 23.
The company secured seven cornerstone investors who committed to subscribing to a total of HK$93.4 million worth of IPO shares.
Hanx Biopharmaceuticals will use the IPO proceeds for research and development of its core product HX009, as well as other key products including HX301 and HX044. Funds will also be used to advance the company's product pipeline and commercialize its portfolio.
ICBC International Securities, China Securities (International) Corporate Finance, China Merchants Securities (HK), Haitong International Securities, CCB International Capital, TFI Securities and Futures, ABCI Securities, SPDB International Capital, Livermore Holdings, Tiger Brokers (HK) Global, Shanxi Securities International, and Beta International Securities are the joint bookrunners of the IPO.
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