BRIEF: Bao Pharma launches $128 million Hong Kong IPO
Shanghai Bao Pharma Co. Ltd. (2659.HK) launched its Hong Kong IPO on Tuesday, planning to sell 37.9 million shares at an offer price of HK$26.38 per share, raising up to HK$1 billion ($128 million). The stock is set to make its trading debut on Dec. 10.
Founded in 2019, Bao Pharma focuses on four key therapeutic areas, including large-volume subcutaneous drug delivery systems, antibody-mediated autoimmune disease therapies, assisted reproduction and recombinant biologics.
The company recorded revenue of 41.99 million yuan ($5.94 million) in the first half of this year, up 27.2 times year-on-year from 1.49 million yuan in the same period last year. During the same period, its loss widened 9.4% year-on-year to 180 million yuan.
According to the prospectus, the IPO has attracted several cornerstone investors, including Anke Bio Hong Kong, DC Alpha SPC, and Guotai Junan Securities Investment. That group has committed to buy HK$200.6 million worth of shares, representing about 21.77% of the total offering.
The company said IPO proceeds will be used for R&D and commercialization of its core products, advancement and registration of additional pipeline drug candidates, optimization of its technology platforms, as well as R&D of new drug candidates and for general working capital.
By Lee Shih Ta
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