Ascentage Pharma (AAPG) said late Tuesday that it closed its initial public offering of almost 7.33 million American depositary shares at $17.25 per ADS, raising about $126.4 million in gross proceeds.

Each ADS represents four ordinary shares of Ascentage Pharma.

The company granted underwriters a 30-day option to purchase up to almost 1.1 million additional ADSs.

The ADSs began trading on the Nasdaq Global Market on Jan. 24.