Everest balances local, international offerings in IPO that could be biggest yet on Hong Kong biotech chapter

Strong local demand allowed Everest to price what could become the largest IPO yet on the Hong Kong stock exchange’s biotech chapter with a share issue balanced between the offering’s local and international components.

Cross-border in-licensing and development company Everest Medicines Ltd. (HKEX:1952) raised HK$3.5 billion ($451 million) through the sale of 63.5 million shares at HK$55, the top end of the company’s proposed range. The deal valued Everest at more than $2 billion...