BRIEF: Medtide rises in Hong Kong trading debut
Peptide-focused contract research, development and manufacturing organization (CRDMO) Medtide Inc. (3880.HK) opened 4% higher in its Hong Kong trading debut on Monday, and closed up 3.76% at HK$31.75 by the midday break.
The Hong Kong portion of the offering for local investors was oversubscribed by 300.15 times, triggering a clawback mechanism that increased that portion of the sale to 8.4 million shares, or 50% of the total offering, according to the company’s IPO results. The international placement was 1.43 times oversubscribed. The final offer price was set at HK$30.60 per share, raising net proceeds of HK$429 million ($55 million) through the sale of 16.8 million shares.
Cornerstone investors for the offering included CSPC Pharmaceutical Group and Vision Plus Capital, founded by former Tencent executive Wu Xiaoguang, each subscribing for $5 million worth of shares.
Medtide generated 442 million yuan ($61.6 million) in revenue last year, up 31% year-on-year, with net its profit rising 20.9% to 59.17 million yuan over that time.
By Lee Shih Ta
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