HONG KONG China Resources Pharmaceutical Group is seeking to raise between HK$13 billion and HK$15.6 billion ($1.68 billion–$2.01 billion) from a Hong Kong initial public offering (IPO), IFR reported on Tuesday, citing sources close to the plan.
China Resources Pharmaceutical will sell 1.54 billion shares in a range of HK$8.45–HK$10.15 each, IFR, a Thomson Reuters publication, reported.
A unit of state-backed entity China Resources Holdings, CR Pharma manufactures and distributes drugs in China under well-known brands, including “999”.
The offer will be launched on Thursday with pricing scheduled for Oct. 20. About 50 percent of the offer will be sold to cornerstone investors, IFR said.
The company was not immediately available for comment.
(Reporting by Fiona Lau at IFR; Editing by Muralikumar Anantharaman)