Shanghai Henlius Biotech, a China-based biotechnology developer backed by conglomerate Fosun, has filed to raise up to $477m in an initial public offering in Hong Kong, Bloomberg reported today, citing a regulatory document.
Henlius will issue approximately 64.7 million shares priced at HK$49.60 to HK$57.80 ($6.30 to $7.40), and the IPO could bring in up to $548m if the company floats at the top of the range and the underwriters fully exercise their over-allotment option.
Founded in 2010, Henlius develops both proprietary drugs and biosimilars aimed at oncology and autoimmune conditions.
The company secured $190m in funding in late 2017 from Fosun’s pharmaceutical subsidiary, Fosun Pharma, in addition to Shenzhen GTJA Investment Group, Joyful Ascent and Green Tomato, according to China Money Network.
China International Capital Corp, New China Capital and Loyal Valley Capital then supplied $156m in equity financing for Henlius in July 2018 at a valuation of nearly $3bn.
The company has lined up $140m in cornerstone funding for the offering, though Bloomberg only identified Qatar Investment Authority, the sovereign wealth fund of Qatar, as a member of the consortium. It has committed to invest $90m.
Henlius is set to price its shares on September 18 before listing on the Hong Stock Exchange on September 25. The company had previously applied to list on China’s National Equities Exchange and Quotations in 2017, but the flotation did not go ahead.
CICC, Bank of America, CMB International, Fosun Hani Securities and Citigroup have been appointed underwriters for the proposed offering.
