Fosun unit Sisram Medical seeks US$200 million in Hong Kong share listing
The maker of medical lasers will sell shares in Hong Kong and other markets in a move seen by analysts as part of the Fosun group’s plan to reduce its overall debt burden
Sisram Medical, a unit of Chinese conglomerate Fosun International, said it was seeking an initial public share offer of up to US$200 million on the Hong Kong stock exchange, a move seen as part of Fosun's effort to ease its rising debt burden.
Sisram Medical will sell 10 per cent of its 99 million new shares in Hong Kong, with the rest being offered on other global markets. The Hong Kong tranche is being marketed at an indicative price range of HK$8.88 – HK$12.35 per share, with the company targeting proceeds of US$144 million to US$200 million from the listing.
The subscription period starts on Tuesday and closes on Friday, and the firm hopes to begin trading on September 19.
Incorporated in Israel in 2013 by Fosun and its affiliates as a vehicle to acquire Israeli medical laser provider Alma Lasers, Sisram will become the first Israeli firm to list in Hong Kong. After the listing, the company will remain a subsidiary of Fosun’s pharmaceutical unit, Fosun Pharma, Sisram said.
Fosun Pharma has a 66.2 per cent stake in Sisram.