BRIEF: Leads Biolab nearly doubles in Hong Kong trading debut
Shares of Nanjing Leads Biolab Co. Ltd. (9887.HK) rose 91.7% to close at HK$67.10 on their first trading day on Friday, after the company sold 36.86 million shares for HK$35 each, representing the top of their range. The public offering for local Hong Kong investors was oversubscribed by approximately 3,494 times, while the international placement was oversubscribed by almost 40 times.
The listing raised net proceeds of HK$1.18 billion ($150 million), 65% of which will be used for clinical development of the company’s products and for regulatory purposes. Another 15% will go to expand the company’s existing pipeline and to improve its technology platform, while 10% will go for improvement of its production capacity. The rest will be used for general working capital.
By Lau Chi Hang
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