-- Mabwell (Shanghai) Bioscience (HKG:2493, SHA:688062) launched its Hong Kong initial public offering on Monday, seeking to raise up to about HK$1.45 billion from the deal.
The China-based pharmaceutical company is offering 47.1 million H-shares at an indicative price range of HK$27.64 to HK$30.71 per share, according to a Hong Kong bourse filing.
The offering comprises 4.7 million shares for Hong Kong investors and 42.4 million shares for international investors, subject to reallocation.
The offer price is expected to be determined by April 24, with allocation results due by April 27, ahead of the company's planned trading debut on April 28.
Net proceeds will be used primarily to advance clinical trials of the company's core product, 9MW2821, across multiple indications, including urothelial carcinoma, triple-negative breast cancer, and cervical cancer.
The funds will also support the development of other pipeline products, commercialization efforts, and working capital and general corporate purposes.
CITIC Securities (Hong Kong) and Haitong International Capital are acting as joint sponsors.
CLSA, Haitong International Securities, China Industrial Securities International Capital, CMB International Capital, CCB International Capital, Guosen Securities (HK) Brokerage, and Futu Securities International (Hong Kong) are acting as joint bookrunners and joint lead managers, while ABCI Capital is also a joint bookrunner.