WuXi Biologics Unit Plans to Raise US$470.5 Million in Hong Kong IPO
By P.R. Venkat
A WuXi Biologics unit plans to raise up to 3.68 billion Hong Kong dollars (US$470.5 million) through an initial public offering in one of Asia's biggest stock markets.
WuXi XDC Cayman, a contract development and manufacturing organization focused on antibody-drug conjugates, is planning to sell 178.45 million shares in the IPO, WuXi XDC said.
The company has set a price range of HK$19.90-HK$20.60 per share. Shares of the company are expected to start trading on the exchange Nov.17.
WuXi XDC is one of several companies seeking to list in Hong Kong, which has had a weak year for new offerings. IPO funds raised in the city in the first nine months of the year fell to HK$24.6 billion from HK$73.7 billion in the same period last year.
Wuxi XDC is 60%-owned by Wuxi Biologics and 40%-owned by Wuxi AppTec.
Proceeds from the IPO will be used to expand its manufacturing capacity and fund possible acquisitions, the company said.
The company has secured seven cornerstone investors, who have already committed to taking a portion of the IPO shares; the cornerstone investors include U.S.-based investment management company Invesco, private-equity firm General Atlantic and sovereign wealth fund Qatar Investment Authority.
Morgan Stanley, Goldman Sachs and JPMorgan are acting as sponsors for the IPO.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
November 06, 2023 17:59 ET (22:59 GMT)
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