Markets

China’s Giant Biogene reduces Hong Kong’s IPO size


© Stocksak.

By Scott Murdoch

HONG KONG (Stocksak). China’s Giant Biogene Holding Co Ltd launched a Hong Kong initial public offering (IPO), on Tuesday to raise up to $80million. The term sheet revealed that the target was $500 million lower than it originally set amid a sharp sell-off in equity market shares.

Stocksak has seen the term sheet for the Xian-based company that specializes in medicinal skin care treatment. According to Stocksak, it is selling 22.6 millions shares at an indicative price range between HK$24.30 & HK$27.70 per stock.

According to the term sheet, Giant Biogene is expected to raise between $70 million-$80 million.

Two sources with direct knowledge of this matter claim that the company had previously planned to raise as much as $500 million from the Hong Kong market launch. The information is not publicly available so the sources cannot be identified.

Stocksak contacted Giant Biogene but did not receive a response immediately.

News Source and Credit

Stocksak Editorial

We are a financial blog that covers topics such as investing, saving, spending, and earning more money. Please feel free to peruse our site and read any of the articles that catch your interest.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button