Investors have piled into the initial public offering (IPO) of QuantumPharm, oversubscribing the retail tranche 75 times and putting the pre-revenue pharmaceutical company on track to price the shares at the top of the range.
The Tencent-backed artificial intelligence (AI) drug researcher will raise HK$1.13 billion (US$145 million) if the offer is priced at the top end of the HK$5.03 to HK$6.03 band, making it the second-biggest IPO in Hong Kong this year after Chinese tea shop giant Sichuan Baicha Baidao Industrial’s HK$2.46 billion offering in April, according to LSEG data.
Source: TRADE FINANCE
