Singaporean biotech firm Mirxes kicked off retail bookbuilding today, seeking to raise up to HK$1.09 billion from its initial public offering in Hong Kong, as the city’s new share markets have recently been reignited.
Mirxes is offering 46.62 million shares for sale, with 10 percent allotted to Hong Kong’s retail tranche and 90 percent to international placement. The offer price is set at HK$23.30 apiece, with a minimum investment of around HK$2,353 for a 100-share board lot.
Mirxes is a Singapore-based microRNA technology company with products for early detection and screening of cancer and other diseases.
The net proceeds are estimated to be about HK$880 million. The company said 51 percent of the proceeds will be used for core product research and development, production and commercialization, 24 percent will be used for research and development, and 15 percent will be used for strengthening and integrating the “end-to-end” capabilities.
Mirxes mentioned in its prospectus that it plans to apply for a dual listing on the main board of the Singapore Stock Exchange at an appropriate time after Hong Kong’s IPO, but no application was submitted so far.
The bookbuilding in Hong Kong will close at noon on Tuesday next week, and Mirxes is scheduled to be listed on the main board on Friday next week.
This year, the Singapore Exchange has recorded only four new listings while Hong Kong Exchanges and Clearing (0388) has witnessed 12 IPOs, with mega deals like Mixue Group (2097). Additionally, Chinese battery giant Contemporary Amperex Technology closed its bookbuilding today, with its retail tranche oversubscribed by at least 115 times.
The HKEX main board posted a market capitalization of HK$38.79 trillion as of April 30, versus SGX’s US$644.8 billion (HK$5.03 trillion) as of January 2025.
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