MicroPort raises HK$1.5bln in Hong Kong IPO

Proceeds will be used to develop new products, acquire businesses and expand company’s production facilities.

MicroPort Scientific Corp., which makes equipment for keyhole surgery, raised about HK$1.54 billion ($198.3 million) selling shares at the top of its price range in an initial public offering in Hong Kong, according to two people with knowledge of the transaction.

The Shanghai-based producer of coronary stents sold 252.7 million shares at HK$6.10 apiece, said the people, who declined to be identified because the information was private. Terms for the sale earlier showed that MicroPort had planned to sell shares at HK$4.60 to HK$6.10.

Credit Suisse Group AG and Piper Jaffray Asia Securities managed the sale, according to the company’s IPO prospectus. MicroPort plans to start trading on Sept. 24 under ticker number 853, the prospectus said. Adam Harper, a Hong Kong-based Credit Suisse spokesman, declined to comment. Alex Ko, chief executive officer of Piper Jaffray Asia Holdings Ltd., was not available to comment.

Proceeds of the IPO will be used to develop new products, acquire businesses and expand the company’s production facilities, the prospectus said. The company has an option to sell an additional 37.9 million shares after the listing, the prospectus said.

View the full story in Bloomberg.