Kanghua Biological, a China-based vaccine provider backed by clinical services provider Tigermed and leather product supplier Aokang, raised almost RM1.06bn ($149m) in its initial public offering, DealStreetAsia has reported.
The offering consisted of 15 million shares issued on the Shenzhen Stock Exchange’s ChiNext board and priced at RMB70.37 each. Minsheng Securities is the lead underwriter for the IPO.
Founded in 2004 by Aokang chairman Wang Zhentao, Kanghua produces vaccines for rabies and meningitis, and has an influenza vaccine in development that is in phase 3 clinical trials.
The company generated a profit of approximately $9m in the first three months of 2020, from about $22m in revenue.
Government-backed asset manager Yingke is Kanghua’s largest shareholder and is the owner of a 20% stake, in addition to holding shares through a joint venture vehicle it established with Tigermed. Aokang holds a 16.1% share while Wang Zhentao owns 13.8%.
