List­ing in Shang­hai, WuXi AppTec rais­es a $354M IPO for Chi­na R&D fa­cil­i­ties

One day af­ter Hong Kong’s stock ex­change scored its first pre-rev­enue IPO ap­pli­ca­tion, Shang­hai Stock Ex­change got its own time in the lime­light as glob­al CRO WuXi AppTec hauled in $354 mil­lion (RMB2.3 bil­lion) by go­ing pub­lic in Shang­hai.

While the fi­nal amount fell short of the $900 mil­lion cit­ed in its fil­ing, WuXi’s shares shot up im­me­di­ate­ly af­ter they be­came avail­able, surg­ing 44% to $4.89 (RMB31.1) from the IPO price of RMB21.6 — hit­ting the Shang­hai’s dai­ly in­crease ceil­ing for new­ly list­ed shares.

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