BRIEF: Innogen launches $87 million Hong Kong IPO
Guangzhou Innogen Pharmaceutical Group Co. Ltd. (6603.HK) launched its Hong Kong IPO on Thursday, aiming to sell 36.56 million shares for HK$18.68 apiece to raise about HK$683 million ($87 million). Share subscriptions will close on Aug. 12, with a trading debut set for Aug. 15.
The company recorded zero revenue in both 2023 and 2024 and losses of 730 million yuan and 175 million yuan those two years, respectively. It reported 38.14 million yuan in revenue in the first five months of this year, while its net loss for the five-month period widened to 97.88 million yuan compared to a 61.89 million yuan loss a year earlier.
The company plans to use about HK$549 million of the proceeds for ongoing and planned clinical trials and a planned commercial launch of its core products. Another HK$61 million will be used for working capital and general corporate purposes.
By Lau Chi Hang
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