Ab&B Bio-Tech 86 times oversubscribed ahead of IPO

Vaccine developer Ab&B Bio-Tech was about 86 times oversubscribed in margin financing on Thursday as it kicked off retail book building for its Hong Kong initial public offering.

The company is offering 33.44 million new shares, with 10 percent allocated for public subscription in Hong Kong. As of Thursday afternoon, Ab&B Bio-Tech had secured at least HK$4.46 billion in margin orders, compared with the HK$51.84 million available for retail investors.

The offer price range is set between HK$12.90 and HK$15.50 per share, with the aim of raising up to HK$520 million. Each board lot comprises 200 shares, requiring a minimum investment of roughly HK$3,131.

Ab&B Bio-Tech expects to list on the Hong Kong Stock Exchange on August 8.

Citic Securities (6030) and CMB International are acting as joint sponsors for the offering.

STAFF REPORTER