A unit of Chinese contract drugmaker Wuxi Biologics set its initial public offering price at the top end of its guided range, indicating strong demand in a choppy year for listings in Hong Kong.
The company said Wuxi XDC Cayman will raise 3.68 billion Hong Kong dollars, the equivalent of $470.9 million, after the final IPO price was set at HK$20.60 a share.
The company had marketed the shares at a price range of HK$19.90 to HK$20.60/share.
People familiar with the deal had said earlier that Wuxi XDC closed its order book early due to strong demand.
Shares of the company, which does research, development and manufacturing with a focus on antibody-drug conjugate, a type of medicine for cancer treatment, will start trading on the Hong Kong exchange Nov. 17.
The IPO secured commitments from some global investors, including Invesco, Qatar’s sovereign wealth fund, and HongShan, the investment firm formerly known as Sequoia Capital China, according to Wuxi XDC’s listing document.