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Chipscreen sets pace for biotech IPOs in Shanghai

Shanghai IPO values Chipscreen at $1.2B, opening the door for biopharma listings on the STAR market

Chipscreen became the first biopharma to price its IPO on Shanghai’s STAR market Tuesday, raising RMB1 billion ($148.2 million) in an upsized offering that signals that the investor exuberance that drove big gains for the first companies to list will likely extend to biotechs in the queue.

Shenzhen Chipscreen Biosciences Ltd. (Shanghai:688321) sold 50 million shares at RMB20.43 in a deal that values the company at RMB8.4 billion ($1.2 billion).

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