Jiangsu Hengrui Pharmaceuticals (HKG:1276, SHA:600276) launched its initial public offering in Hong Kong Thursday, seeking to raise up to HK$9.89 billion from the deal.
The drug company, listed in Shanghai since 2000, is offering up to 224,519,800 shares expected to be priced between HK$41.45 and HK$44.05 per share, according to a Thursday filing with the Hong Kong bourse.
Jiangsu Hengrui expects to determine the IPO price on May 21 and disclose allocation results on May 22. Shares will begin trading on the stock exchange on May 23.
The drug company intends to use the proceeds to fund its research and development initiatives, support the construction and upgrade of production and research facilities in China and overseas, and for working capital.
Jiangsu Hengrui attracted Singaporean sovereign wealth fund GIC, Invesco, UBS AM Singapore, Cordial Solar, Hillhouse, Millennium Capital Management (Singapore), and Oaktree as cornerstone investors.
Morgan Stanley Asia, Citigroup Global Markets Asia, Citigroup Global Markets, Huatai Financial Holdings (Hong Kong), UBS Hong Kong Branch, BOCI Asia, CLSA, and GF Securities (Hong Kong) Brokerage, are the joint bookrunners and lead managers of the IPO.
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