Alebund Pharmaceuticals Launches HK$1.3 Billion Hong Kong IPO
Alebund Pharmaceuticals (HKG:9637) launched its Hong Kong initial public offering on Thursday, seeking to raise about HK$1.28 billion.The China-based biopharmaceutical company is offering 56.8 million H shares at HK$22.60 each, according to a Hong Kong bourse filing.The offering comprises 5.7 million shares for Hong Kong investors and 51.1 million shares for international investors, subject to reallocation and the over-allotment option.The company is expected to announce allocation results on June 26, ahead of its planned trading debut on June 29.Net proceeds will be used primarily to fund the clinical development and regulatory approval of Alebund Pharmaceuticals' pipeline candidates, including AP301, AP306, AP303, and AP308.The company also plans to use the funds to advance preclinical research, expand manufacturing capacity, support future commercialization efforts, and provide working capital and general corporate purposes.The listing has 11 cornerstone investors, including GIC, Loomis Sayles, RTW Funds, Tencent, and Cormorant, which committed to subscribing to $81.5 million worth of shares.The investors agreed to take up 28.3 million shares, or 49.8% of the offering, according to the prospectus.Jefferies Hong Kong, Merrill Lynch (Asia Pacific) and Huatai Financial Holdings (Hong Kong) are acting as joint sponsors, sponsor-overall coordinators, joint representatives, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers.CLSA is serving as a joint representative, overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager, while BOCI Asia is acting as an overall coordinator, joint global coordinator, joint bookrunner, and joint lead manager.
