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. Fosun unit Sisram Medical seeks US$200 million in Hong Kong share listing 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. Net proceeds will be used to expand sales channels and distribution networks, to intensify marketing efforts and for capital investments, the statement said. CICC and Jefferies are the joint sponsors on the deal. Sisram Medical was incorporated in Israel in 2013 by Fosun Pharma as a vehicle to acquire Israeli medical laser provider Alma Lasers. Fosun Pharma, which owns a 66.2 per cent stake in Sisram, is a subsidiary of Fosun International, a conglomerate controlled by Chinese tycoon Guo Guangchang.