QuantumPharm becomes Hong Kong’s third-largest IPO of 2024 after pricing shares at HK$5.28

The Tencent-backed AI drug researcher raised HK$989.3 million (US$126.8 million) after setting the offer price towards the low end of the HK$5.03 to HK$6.03 range

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Tencent-backed QuantumPharm is also known as XtalPi. The company is an AI drug researcher. Photo: Handout

Published: 6:24pm, 11 Jun 2024Updated: 6:33pm, 11 Jun 2024

Tencent-backed QuantumPharm, an artificial intelligence (AI) drug researcher, has become Hong Kong’s third-largest listing of the year after pricing its initial public offering (IPO) at the low end of the range.

The IPO was priced at HK$5.28 per share, towards the low end of the HK$5.03 to HK$6.03 range, according to stock brokers who were notified of the price.

QuantumPharm’s HK$989.3 million (US$126.8 million) fundraising puts it behind tea shop giant Sichuan Baicha Baidao Industrial’s HK$2.58 billion IPO in April and RoboSense Technology’s HK$1.06 billion offering in January, according to LSEG data.

The results of the allotments will be made on Wednesday along with the IPO’s formal pricing, followed by the listing on Thursday under the stock code 2228.

QuantumPharm co-founder and CEO Ma Jian (left) with co-founder and chairman Wen Shuhao at the company’s IPO press conference in Hong Kong on June 3. Photo: Xiaomei Chen

The IPO’s pricing came as a surprise to the market after a strong response from investors during the subscription period last week.

QuantumPharm becomes Hong Kong’s third-largest IPO of 2024 after pricing shares at HK$5.28

.css-1mniedq{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;}The Tencent-backed AI drug researcher raised HK$989.3 million (US$126.8 million) after setting the offer price towards the low end of the HK$5.03 to HK$6.03 range

The Tencent-backed AI drug researcher raised HK$989.3 million (US$126.8 million) after setting the offer price towards the low end of the HK$5.03 to HK$6.03 range