Biopharma HBM to raise HK$1.7b in HK float

Business | 27 Nov 2020 7:27 pm

Mainland clinical-stage biopharmaceutical company HBM Holdings plans to raise up to HK$1.785 billion, with a minimum investment of HK$13,050 for a board lot.

The initial public offering price is between HK$11.7 and HK$12.92.

It plans to offer 138 million shares and open the retail book from next Monday to next Thursday.

It will debut on December 10.

The pre-profit company has introduced nine cornerstone investors for the subscription of US$92 million (HK$720 million) in total.

In the first half, it recorded a net loss of 48.31 million yuan (HK$56.92 million), compared to a net loss of 37.52 million yuan in the same period last year. The first-half revenue grew by 108 percent to 60.7 million yuan.

The company expects net loss to expand as the development of drug candidates accrue bigger expenses.

The company is involved in the discovery and development of novel and differentiated antibody therapeutics in immunology and oncology disease areas.

It appointed Morgan Stanley, BofA Securities, CITIC Securities as joint sponsors.


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