MICOT PHARMA-B prices HK IPO at HKD 18.2-21, backed by EVEREST MED

MICOT PHARMA-B (02335.HK) launched its Hong Kong IPO on Monday, offering 58.1 million shares at HKD 18.2 to HKD 21 apiece.

"The IPO attracted three cornerstone investors who collectively subscribed for approximately HKD 449 million in shares," the biotechnology company said in its exchange filing.

The global offer comprises 58.05 million H shares, with 5.81 million shares — or 10 percent — reserved for Hong Kong retail investors and 52.25 million shares for international placing. Each board lot is 200 shares, requiring an entry fee of about HKD 4,242.36. Cornerstone investors, including medical aesthetics firm EVEREST MED (01952.HK), committed HKD 449 million, representing about 39.5 percent of the total offer shares at the mid-point price of HKD 19.6.

The listing is expected to raise net proceeds of approximately HKD 1.07 billion at the mid-point price. Trading on the Hong Kong Stock Exchange Main Board is scheduled to begin on Wednesday, July 24, with the subscription period running through Thursday, July 18.

The company did not disclose the breakdown of use of proceeds or the lead underwriters in the initial filing. The pricing gives MICOT PHARMA-B a market valuation that will be tested when trading begins next week. Investors will watch the first-day trading performance on July 24 for signals of institutional demand for Hong Kong biotech listings.

This article is for informational purposes only and does not constitute investment advice.