InnoCare Pharma IPO a 'litmus test' for issuers

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By Jonathan Breen
17 Mar 2020

Chinese biotechnology firm InnoCare Pharma has priced its HK$2.2bn ($288m) IPO at the top of the marketed range, following solid demand from institutional and retail investors, according to bankers close to the deal.

Sponsors Goldman Sachs and Morgan Stanley, leading a syndicate of six, launched bookbuilding on March 11. InnoCare came to the market with a base float of 250.3m shares, which it was offering at HK$8.18 to HK$8.95 each. The IPO also has a 15% greenshoe of 37.5m shares.

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