Nov 29, 2018 (China Knowledge) - Undeterred by weak markets and a string of poorly-performing IPOs, Shanghai-listed pharmaceutical firm, Wuxi AppTec is planning a Hong Kong listing of up to USD 1 billion. The company's proposed listing comes after a string of IPOs have had to scale down their IPO targets significantly with some other companies choosing to delay their IPO plans.
Wuxi AppTec will be looking to sell 116 million shares at a price range of between HKD 64.1 to HKD 71.5 (USD 8.19 to USD 9.13). The proposed price range represents a discount of between 20% to 28% from its currently traded price of RMB 79.87 (USD 11.51) on the Shanghai stock exchange.
The company could potentially raise up to USD 1.2 billion should an over-allotment option be exercised.
It is the largest global pharmaceutical R&D services platform in Asia by revenue, providing services in research, manufacturing and testing for medical devices. The company brought in revenues of RMB 4.4 billion in the first half of this year, increasing by 17% from RMB 3.67 billion during the same period last year.
The company intends to use its IPO proceeds to expand its capacity globally and invest in projects such as a Chengdu R&D facility and a bioanalytical laboratory in San Diego, California.
Wuxi AppTec's IPO will be priced on 6th December and will be listing on 13th December.
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