Massive demand for Sinopharm bodes well for IPO pipeline

The Chinese pharmaceutical distributor prices at the top to raise $1.13 billion after attracting $110 billion worth of orders. Separately, Digital China raises $49 million from a top-up placement.

Sinopharm, the largest distributor of pharmaceutical products in China and the first company to price a Hong Kong initial public offering in the current flood of IPOs, received massive demand from both institutions and retail investors, according to sources.

The response, which was described as crazy by some bankers working on the deal, allowed Sinopharm to fix the price at the top of the range for a deal size of HK$8.73 billion $1.13 billion, and should bode...

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