3S Bio raises a healthy $711m via HK IPO

The mainland Chinese biotech firm generated strong demand, with the retail tranche of the offering on the Hong Kong bourse 200-times oversubscribed.

Biotech company 3S Bio raised $711 million in a Hong Kong initial public offering on Friday after pricing shares at the top of the range.

The company, which produces drugs to treat bleeding disorders, will use the proceeds from the flotation to fund acquisitions and boost its staff to grab a larger share of China’s drug market.

In total, 3S Bio and Citic’s private equity unit sold 606.1 million shares at HK$9.10 per unit, the top of the HK$8.30 to HK$9.10 indicative price range, according to a source close to the deal, who said that “every man and his dog” wanted a piece of...

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