Shares of MICOT PHARMA-B (02335) surged significantly on their first day of trading.

The company's initial public offering was priced at HK$18.2 per share, with a total of 58.0544 million shares issued in lots of 200 shares, raising net proceeds of approximately HK$1.067 billion.

In early trading, the stock soared 86.92% to HK$34.02, with a turnover of HK$217 million.

According to available information, the company has developed a pipeline consisting of one core product and six other candidate products.

The lead product, MT1013, is an internally developed, dual-target receptor agonist peptide currently in Phase III clinical trials.

It is designed to simultaneously target the CaSR and OGP receptors, primarily for the treatment of secondary hyperparathyroidism in chronic kidney disease.

The product also has potential for expansion into other indications, such as chronic kidney disease-mineral and bone disorder and non-dialysis CKD-SHPT.

As of the latest practicable date, the company has not obtained marketing approval for any of its candidate drugs and has not generated any revenue from product sales.

The company anticipates that MT1013 will be commercialized in early 2028.

It plans to implement a dual-track commercialization strategy, partnering with third-party contract sales organizations in the domestic market and pursuing licensing partnerships internationally.