Hong Kong IPO: WuXi Biologics to spin off contract research, manufacturing unit via US$520 million deal in biotech push
- WuXi Biologics is spinning off its 60 per cent-owned WuXi XDC via a Hong Kong IPO to allow unit to pursue its own growth path
- Firm could raise as much as HK$4.07 billion (US$520 million) including excess share issue, based on the top-end of IPO price range
The firm, a 60 per cent-owned unit of WuXi Biologics, will sell 178.4 million new shares to investors at an indicative price range of HK$19.90 to HK$20.60 per share, according to its listing prospectus published on Tuesday. An additional 19.2 million shares may be allotted to global investors to meet excess demand, it added.
At the top end of the price range, the firm will collect HK$4.07 billion in gross proceeds including the overallotment portion, and boost its expected market value to HK$24.7 billion.
The firm will start taking orders from investors from today, and the listing date is tentatively set for November 17 under the 2268 stock code.
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HKEX CEO Nicolas Aguzin on the future of Hong Kong’s capital market
Morgan Stanley, Goldman Sachs and JPMorgan Chase are the joint sponsors of the stock offering. They are also joined by China International Capital Corp, Citigroup, and HTSC as the six joint global coordinators, bookrunners and lead managers.
