Wuxi XDC Cayman’s shares rose of their buying and selling debut in Hong Kong as buyers scrambled to compensate for the misplaced alternative throughout the firm’s preliminary public providing.
Shares of the corporate, a unit of Chinese contract drugmaker Wuxi Biologics
2269,
opened 31% greater in contrast with the IPO worth of HK$20.60 a share.
The firm, which does analysis, growth, and manufacturing with a deal with antibody-drug conjugate, a kind of medication for most cancers therapy, raised 3.68 billion Hong Kong {dollars}, the equal of US$471.7 million within the IPO.
People aware of the deal had mentioned earlier that Wuxi XDC closed its order ebook early as a consequence of sturdy demand. The firm mentioned Thursday that its public provide was “significantly oversubscribed.”
It mentioned 30,726 legitimate functions had been acquired below the Hong Kong public providing, representing roughly 49.96 instances the overall 17.85 million shares initially obtainable for particular person buyers.
Wuxi XDC is amongst a number of firms itemizing in Hong Kong, which has had a weak yr for brand new choices. IPO funds raised within the metropolis within the first 9 months of the yr fell to HK$24.6 billion from HK$73.7 billion in the identical interval final yr.
Wuxi XDC’s IPO had secured commitments from some international buyers, together with Invesco, Qatar’s sovereign-wealth fund, and HongShan, the funding agency previously often known as Sequoia Capital China, based on the corporate’s itemizing doc.
Source web site: www.marketwatch.com
