Key Takeaways:
Biotechnology firm Tennor Therap-B (06872.HK) saw its Hong Kong initial public offering oversubscribed by 9,026 times in the retail portion, attracting 278,000 individual investors, according to local media reports.
The offering was managed by joint sponsors CITIC Securities and ABCI. The intense investor demand makes it the second most oversubscribed new listing on the city's Main Board this year, trailing only the 14,800x oversubscription recorded by ROBOTPHOENIX (06871.HK).
Tennor Therap-B offered 8.2806 million H shares globally at a price of HKD75.7 per share, with an entry cost of approximately HKD3,823.17 per 50-share board lot. The listing is expected to raise net proceeds of approximately HKD558 million. The company introduced five cornerstone investors who subscribed for a total of HKD234 million (USD29.8 million) in shares. Pre-IPO investor WUXI APPTEC (02359.HK) is set to hold approximately 5.5% of the company's total issued share capital upon listing.
The strong subscription numbers signal significant retail investor appetite for biotechnology firms nearing commercialization. First-day trading on Friday, the 22nd, will be a key test of institutional demand and whether the initial enthusiasm translates into a strong market debut.
This article is for informational purposes only and does not constitute investment advice.
