Stock Track | MICOT PHARMA-B Soars 89.56% in Early Trading on IPO Debut Amid Heavy Oversubscription and Promising Pipeline
Stock Track
Jun 24
MICOT PHARMA-B (02335) surged 89.56% in early trading as it made its debut on the Hong Kong Stock Exchange.
The dramatic rise was fueled by extraordinary investor demand, with the Hong Kong public offering oversubscribed 1,181.46 times. The company raised net proceeds of approximately HK$989 million to HK$1.067 billion from the issuance of 58.05 million shares at an offer price of HK$18.20 per share.
Investor enthusiasm is also driven by the company's clinical-stage pipeline. Its lead product, MT1013, is a dual-target receptor agonist peptide currently in Phase III trials for the treatment of secondary hyperparathyroidism in chronic kidney disease patients, with commercialization targeted for early 2028.
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