China's CRO powerhouse Tigermed to seek $1B IPO in Hong Kong — report
Hong Kong’s effervescent biopharma IPO market could see its biggest debut of the year yet.
Hangzhou Tigermed, a clinical research service provider that also invests in biotech companies, has been approved for a listing on the HKEX and is looking to raise about $1 billion, Bloomberg reported. It would be a dual listing for the Shenzhen-listed company.
Through its US-based subsidiary Frontage Holdings, Tigermed has seen first-hand just how much appetite investors have for HKEX healthcare stocks. The company, which began trading last July, is now trading 39% above its debut price.
Biotechs also represented some of the best-performing newbies on the market last Friday, with Ocumension stealing the show and ImmunoTech making a solid run.
Tigermed was founded in 2004 and specializes in clinical trials, statistical analysis and patient recruitment.
Claiming a spot in the top 10 clinical CROs globally by revenue, the company noted that it has 15 overseas operation sites across 11 countries and regions in Asia-Pacific, North America and Europe.