Key Takeaways:
- JIANGXI BIO offers 36.2M shares at HKD 9.33-13.06 each
- Cornerstone investor Wealth Strategy commits HKD 50 million
- Listing on June 30 with net proceeds of ~HKD 340 million
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JIANGXI BIO seeks HKD 340 million in Hong Kong IPO debut
JIANGXI BIO (06915.HK) launched its Hong Kong IPO Tuesday, offering 36.2 million shares at HKD 9.33 to HKD 13.06 apiece.
Wealth Strategy Holding, under Kung Hung Ka, Chairman of VCANBIO (600645.SH), was introduced as a cornerstone investor and will subscribe for shares equivalent to HKD 50 million, the prospectus shows.
The global offer comprises 36.23 million H shares, with about 10 percent allocated to the Hong Kong public offering and 90 percent to the international placing. Each board lot is 500 shares, putting the entry fee at approximately HKD 6,595.86. Based on the median offer price of HKD 11.2, net proceeds are expected to reach nearly HKD 340 million. The offer period runs through Thursday, with listing on the Main Board expected June 30. CICC and China Merchants Securities (HK) are acting as joint sponsors.
JIANGXI BIO is the largest provider and exporter of human tetanus antitoxin in China. The pricing gives the company a market valuation that will be tested when trading begins. First-day trading on June 30 will gauge institutional demand for the specialty pharmaceutical sector in Hong Kong's recovering IPO market.
This article is for informational purposes only and does not constitute investment advice.
