Zhaoke IPO draws orders of $5.4b

Finance | Avery Chen 21 Apr 2021

Zhaoke Ophthalmology, a spinoff of Lee's Pharmaceutical (0950), attracted more than HK$5.48 billion in retail orders through margin financing, data from 13 local brokers showed.

The ophthalmic pharmaceutical firm closes its Hong Kong initial public offering today. The retail portion of the flotation was oversubscribed more than 25 times, the data showed. But some investors withdrew applications.

Zhaoke is seeking to raise up to HK$2.08 billion. It is offering 124 million shares at an indicative price range of HK$15.38 to HK$16.8, with a minimum investment of HK$8,484.65.

The Guangzhou-based firm plans to use the net proceeds for clinical development and commercialization of products, research and development, and the expansion of its production line and drug pipeline. It debuts on April 29.

Meanwhile, Karrie International (1050) is considering a spin-off and separately list its real-estate business in the Hong Kong stock exchange, the company said. Karrie is mainly engaging in the metal and plastics business and electronic manufacturing services business.



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