China drugmaker in US$764m IPO
Add BT as a preferred source[HONG KONG] Luye Pharma Group, a Chinese drugmaker backed by Singapore's sovereign wealth fund, and the company's owners are poised to raise US$764 million from a Hong Kong initial public offering, people with knowledge of the matter said.
The company, based in eastern China's Yantai city, plans to sell shares at HK$5.92 apiece, the top end of a marketed range that started at HK$5.38, said the people, who asked not to be identified because the information is private. Luye Pharma and existing investors including GIC Pte Ltd offered 999.6 million shares in the sale, according to the company's initial public offer prospectus.
It is set to complete Hong Kong's biggest pharmaceutical IPO in more than three years, according to data compiled by Bloomberg. Sihuan Pharmaceutical, a Chinese maker of cardiovascular drugs, raised US$852 million from a Hong Kong IPO in October 2010, data show.
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