In­no­Care IPO over­sub­scribed 300x as Hong Kong in­vestors turned to biotech amid runoff

For­get the glob­al stock melt­down. Or at least Chi­nese biotech In­no­Care did, forg­ing ahead with a more than $250-mil­lion IPO in Hong Kong de­spite the ex­change be­ing in the midst of a King­da Ka-es­que freefall.

It worked. In­no­Care wrote in a fil­ing that re­tail in­vestors sub­scribed to 7.98 bil­lion shares – about 300 times the amount the num­ber of­fered to them, ac­cord­ing to the South Chi­na Morn­ing Post. With in­sti­tu­tion­al in­vestors agree­ing to chip in and buy US$164 mil­lion (HK$1.28 bil­lion) of shares, the com­pa­ny will raise $289 mil­lion (HK$2.2 bil­lion). Shares priced at the high end of an HK$8.18 to HK$8.95 range.

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER