Key Takeaways:
TENNOR THERAP-B (06872.HK) launched its Hong Kong initial public offering to raise a net HKD 558 million, with cornerstone investors including funds tied to WUXI APPTEC.
The IPO attracted five cornerstone investors, including AMR Action Fund, L.P., and SCSp, subscribing for shares equivalent to approximately USD 29.8 million (HKD 234 million) in total, according to the company's announcement.
The biotechnology company is offering 8.2806 million H shares globally at a price of HKD 75.7 per share. With a board lot of 50 shares, the entry fee is approximately HKD 3,823.17. The public offering in Hong Kong begins today and is scheduled to close on May 19, with the stock expected to start trading on May 22.
Long-standing investor WUXI APPTEC (02359.HK) will hold approximately 5.5% of Tennor Therap-B's total issued share capital upon completion of the offering. The listing on the Hong Kong Main Board will test investor appetite for pre-commercialization biotech firms.
The pricing gives the company a valuation that will be closely watched by peers in the biotech sector. First-day trading on May 22 will be a key test of institutional demand for new healthcare listings in the current market.
This article is for informational purposes only and does not constitute investment advice.
