March 16, 2020 / 10:31 AM / 18 days ago

China biotech InnoCare raises $288 million in Hong Kong IPO: sources

HONG KONG (Reuters) - Chinese cancer drug developer InnoCare Pharma 9969.HK has priced its Hong Kong initial public offering at the top end of its marketing range to raise $288 million, said two sources, in the city’s biggest float over the last two months.

The deal is the first major IPO to proceed in Hong Kong since restaurant chain operator Jiumaojiu International Holdings’ (9922.HK) $326 million listing in January.

The coronavirus pandemic has drawn a positive investment appetite for the biotech and pharmaceutical sectors despite recent volatility in global financial markets, said the people with direct knowledge of the matter.

The company has priced the deal at HK$8.95, the top end of a marketing range of HK$8.18 to HK$8.95 per share, they added.

InnoCare decline to comment.

Reporting by Scott Murdoch and Julie Zhu in Hong Kong, editing by Louise Heavens

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