Angelalign prices IPO at HK$173 apiece

Finance | Avery Chen and Bloomberg 10 Jun 2021

Mainland invisible dental braces maker Angelalign Technology has priced its Hong Kong initial public offering at HK$173 apiece, the top end of the indicative price range, according to local media.

With a minimum investment of HK$34,948.66 per board lot of 200 shares, the Shanghai-based firm will become the most expensive new listing in Hong Kong. It is seeking to raise up to HK$2.91 billion from the flotation, with local media reporting earlier that the IPO attracted more than 700,000 retail investors.

Two companies close their IPO retail books today. According to data from local brokers, retail investors have placed nearly HK$62 billion to bid for the new shares of CARsgen Therapeutics, a mainland pre-profit biopharmaceutical firm, meaning the retail portion would be oversubscribed by more than 197 times.

But more investors canceled IPO orders for China Youran Dairy following a share slump in the dairy sector, as investors worried that mainland couples will delay their pregnancy plans due to Covid-19 vaccinations. China Youran attracted HK$1.29 billion in retail orders through margin financing, down from HK$1.4 billion on Monday.

Meanwhile, Top Glove, the world's largest rubber glove maker, said a US ban on its Malaysian-made gloves will delay its share sale plan in Hong Kong by a few months. The US move is only temporary and the Hong Kong listing is for the long term, chairman Lim Wee Chai said yesterday.

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