Chinese heart valve replacement maker Venus Medtech plans to raise up to US$381 million in Hong Kong IPO
- Hangzhou-based company expects to price its offering in a range of HK$29 to HK$33 a share
- IPO latest sign of confidence returning to Hong Kong’s financial markets
Venus Medtech (Hangzhou), a Chinese maker of heart valve replacement devices, plans to raise as much as US$381 million in an initial public offering in Hong Kong next month, the latest sign that confidence is returning to the city’s financial market.
The Hangzhou-based company filed paperwork with the Hong Kong stock exchange late on Monday to proceed with its offering and began its roadshow to investors on Tuesday.
The company expects to price its offering of 78.5 million shares in a range of HK$29 to HK$33 a share. If an overallotment of shares is fully exercised, the company would raise US$381 million.
Hong Kong has endured nearly six months of protests and civil unrest this year in one of the city’s worst political crises. The unrest has put visitors off coming to the city, hitting the bottom lines of retailers, restaurants and hotels and sent the local economy into a “technical recession” in the third quarter.
It also caused several companies, including Budweiser Brewing Company APAC and logistics real estate developer ESR Cayman, to delay their IPOs this summer as uncertainty over the unrest hit valuations.