SYDNEY (Reuters) -Chinese biotech firm Duality Biotherapeutics launched an initial public offering (IPO) of up to HK$1.56 billion ($200.7 million) on Monday in Hong Kong, testing investor appetite amid a global stock market rout. The company is selling 15.07 million shares in the price range of HK$94.60 to HK$103.2 each, according to its prospectus. Hong […]
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China’s Duality Biotherapeutics tests market appetite with up to $200 million Hong Kong IPO
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SYDNEY (Reuters) -Chinese biotech firm Duality Biotherapeutics launched an initial public offering (IPO) of up to HK$1.56 billion ($200.7 million) on Monday in Hong Kong, testing investor appetite amid a global stock market rout.
The company is selling 15.07 million shares in the price range of HK$94.60 to HK$103.2 each, according to its prospectus.
Hong Kong’s Hang Seng Index opened 9.3% lower on Monday as global financial markets reacted to fears of a global recession sparked by U.S President Donald Trump’s tariffs.
Duality, which is an antibody-drug conjugate developer, said cornerstone investors have agreed to buy up to $65 million worth of shares in the IPO.
The final price of the IPO is due to be set on April 11, with the stock is on track for a trade debut on April 15, the prospectus added.
($1 = HK$7.7729)
(Reporting by Scott Murdoch; Editing by Muralikumar Anantharaman and Sumana Nandy)