BioCentury
ARTICLE | Financial News

Luye raises $509.8 million in Hong Kong IPO

July 10, 2014 1:34 AM UTC

Luye Pharma Group Ltd. (HKSE:2186) jumped HK$0.78 (13%) to HK$6.70 on its first day of trading Wednesday after raising HK$4 billion ($509.8 million) in an IPO. The company sold 667.5 million shares at HK$5.92, which values Luye at HK$19.7 billion ($2.5 billion). Last month, Luye said it planned to sell the same number of shares at HK$5.38-HK$5.92. Luye shareholders raised HK$2 billion ($253.6 million) through the sale of 332.1 million shares in a concurrent secondary offering. UBS; Citigroup; and Citic Securities are underwriters. ...