InSilico Medicine (HKG:3696) launched its initial public offering in Hong Kong to raise HK$2.28 billion.
The Boston-based biotechnology firm is offering nearly 94.7 million shares at an indicative price of HK$24.05 apiece, according to a bourse filing Thursday.
The issuer expects to disclose allocations on Dec. 29 and begin trading on the Hong Kong bourse on Dec. 30.
The company secured 16 cornerstone investors who committed to buying $115 million worth of IPO shares.
InSilico Medicine will use the IPO proceeds to fund clinical research and development of its drug candidates, develop generative artificial intelligence models, expand its automated lab, and for working capital.
Morgan Stanley, China International Capital Corp., GF Securities (Hong Kong), BNP Paribas Securities (Asia), Sinolink Securities (Hong Kong), and BOCI Asia are the joint bookrunners of the IPO.