MiRxes Launches HK$880.5M IPO on Hong Kong Stock Exchange

Original from: 360dx

Singapore-based microRNA diagnostics firm MiRxes said Thursday that it has launched an initial public offering on the Hong Kong Stock Exchange, selling 46,620,000 Hong Kong offer shares and 41,958,000 international offer shares at HK$23.30 (US$2.98) per share for approximately HK$880.5 million (US$112.8 million) in net proceeds.

The offering commenced May 15 at 9 a.m. Hong Kong time and is expected to close at noon on May 20. Shares of the company are expected to start trading on the Hong Kong Stock Exchange on May 23.

China International Capital Corp., Hong Kong Securities, and CCB International Capital are serving as joint sponsors and overall coordinators for the IPO. Cornerstone investors include Beijing Xunrui Enterprise Management Partnership and Evergreen Gate.

The firm plans to use the funds raised in the offering to support a variety of activities, with a little more than half going to R&D, regulatory filings, manufacturing, and commercialization of the firm's core product, the GastroClear gastric cancer test.

Another 24 percent will fund ongoing development of new miRNA-based tests, and the rest will support corporate development, working capital, and other business purposes.

Source: MiRxes Launches HK$880.5M IPO on Hong Kong Stock Exchange