ZLAB - Week In Review: Innovent Completes $421 Million Hong Kong IPO; Will Start Trading Next Week
Deals and Financings
Innovent Biologics has priced its Hong Kong IPO to raise $421 million, very close to the top of the expected range. The company set its offering price at HK$13.98, just below the top of the range. The successful IPO shows investors are still interested in young China biopharmas, even though the three earlier pre-revenue biotech IPOs in Hong Kong saw their prices slide lower once they began trading. The IPO values Innovent at $2 billion; its shares will begin trading in one week, on October 31.
China Everbright Limited, a Hong Kong