Tot Biopharm completes HKEX listing, raising $63M in modest debut
More than a year after closing a megaround, Tot Biopharm has closed its IPO on the Hong Kong stock exchange at a relatively modest $63 million (HK$500 million).
Suzhou-based Tot Biopharm said it’s the eleventh biotech to list under the revised Chapter 18A rules, which allowed pre-revenue companies onto the exchange. The stock launched at $0.84 (HK$6.55) and ended the day down 4.43%.
Vivo Capital was joined by Centerlab and Nien Hsing as cornerstone investors, footing $20 million worth of shares.
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