Innovent Raised HKD 3.155 Billion on First Day of HK IPO

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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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