Beijing Biostar Pharmaceuticals (HKG:2563) made a stellar trading debut in Hong Kong on Thursday, Oct. 31.
The biotech firm closed at HK$20.8 per share, up 30% from its IPO price of HK$16, after an over 34% gain at the opening bell.
The oncology-focused biopharmaceutical company raised HK$196 million in net proceeds from its initial public offering after pricing the shares at the lower end of the indicative range.
The drugmaker issued 14,588,000 shares at HK$16 apiece, the bottom of its guidance of as high as HK$22 each, according to a Thursday disclosure.
The deal's public offering portion was 21.45 times oversubscribed, prompting the company to reallocate 291,800 shares from the international offering, which was not fully subscribed.
A total of 1,750,600 shares were issued under the public offer, while 12,837,400 shares were issued under the international offer.
IPO proceeds will be used for clinical trials, production capacity expansion, and marketing efforts.
Price (HKD): $18607.93, Change: $-100, Percent Change: -0.56%
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