Innovent Raised HKD 3.155 Billion on First Day of HK IPO


On October 31, the domestic biosimilar head company Innovent (1801.HK) was listed on the Hong Kong Stock Exchange. Five minutes after the stock market opened, the price rose 2.5% close at 16.66 yuan / Per share, 19.6%’ increase in total.

The issue price of Innovent is HK$13.93 per share. The net fundraising amount reached HKD 3.155 billion. Innovent’s planned to issue approximately 236 million shares during this IPO, which is 21.1% of the total outstanding share capital after listing.

Innovent was established in Suzhou in 2011 and is dedicated to the development and production of high-end biopharmaceuticals, including innovative and generic drugs. The company has a large-scale industrialization base, with a total of 19,000L industrial production lines.

Before IPO, Innovent has conducted several rounds of financing. On April 27 this year, Innovent announced the completion of the $150 million E round of financing, and Capital Group Private Markets (CGPM) led the round of financing with $90 million.

The net fundraising of Hong Kong stock IPOs reached HK$3,155 million, of which 52% will be used to develop a PD-1 drug called Sintilimab, which is currently in clinical trials in 96 patients with relapsed and refractory classic Hodgkin’s lymphoma. The overall remission rate was 79.2% in 24 weeks, and the drug also entered the process of approval for market.


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