Chinese biotech firm Innovent Biologics raises $3.3b in IPO

It sold 236.5 million shares at $13.98 apiece.

Bloomberg reports that Chinese biotech firm Innovent Biologics raised $3.3b (US$421m) in a Hong Kong IPO after pricing its flotation near the top of its marketed range.

The Temasek-backed firm priced the sale of 236.5 million shares at $13.98 apiece from an marketed range of $12.50 to $14 each. Innovent’s final price suggests a market value of up to US$2b.

Innovent’s share sale adds around US$32b to flotations in Hong Kong this year which represents nearly triple the amount raised during the same period in 2017, data from Bloomberg show.

Also read: US biotech firms seeking larger valuations rush to Hong Kong

The IPO attracted 10 cornerstone investors, including Sequoia Capital, Capital Group Cos. and Temasek, that agreed to buy a total of about $245 million of stock, the terms show.

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