Fosun unit Sisram Medical’s Hong Kong share offer draws strong investor interest, nets company US$88 million
Demand from retail investors for stock in the medical laser maker was 17 times the amount of shares on offer, the company says
Sisram Medical, a unit of Shanghai-based Fosun Pharmaceutical, said on Monday that its initial public share offering in Hong Kong had attracted demand from retail investors of 17 times the number of shares on offer.
The Israeli medical laser maker had priced its IPO at HK$8.88, the bottom of the expected range. It collected HK$689 million (US$88 million) in net proceeds, according to an exchange filing.
The international offering, which targeted global institutional investors, was “moderately oversubscribed”, the filing said.
The strong demand triggered a so-called clawback rule, which means underwriters will reallocate shares to retail investors from institutional investors. After that process, shares in the retail offer would increase to 30 per cent of the total issue, from a previous 10 per cent.
Shares of Sisram will begin trading on Tuesday on the Hong Kong stock exchange. It will be the first Israeli company to list in Hong Kong.