Shanghai Pharma braves weak market with $2.2 billion IPO

Shanghai Pharma's IPO beats the odds to find good demand in difficult market conditions.

Shanghai Pharma braves weak market with $2.2 billion IPO
China's healthcare market has doubled during the past five years

Shanghai Pharmaceuticals Holding kicked off bookbuilding for a $2.2 billion HK$17.27 billion initial public offering in Hong Kong yesterday, despite a lukewarm primary market.

The company, one of China’s leading drug distributors, provides rare access to the country’s vast healthcare market a fact that helped drive demand on the first day of the roadshow, according to sources close to the deal, who said that good quality orders flowed in steadily yesterday.

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