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China's Tigermed to raise up to US$1.38b in Hong Kong listing

[HONG KONG] Hangzhou Tigermed Consulting plans to raise up to US$1.38 billion in its Hong Kong listing, which could make the Chinese clinical trial and research firm the largest healthcare transaction in Asia this year, according to a term sheet.

Tigermed, which is already listed in Shenzhen, is the largest clinical research trial provider in mainland China and will start trading on the Hong Kong Stock Exchange on Aug 7.

The bookbuild started earlier in the day and the share price is scheduled to be set on Friday, the term sheet showed.

Each Tigermed stock could be priced between HK$88 (S$15.69) and HK$100 and the company will sell 107.06 million shares in the deal, according to the term sheet.

At the price range, Tigermed will raise US$1.21 billion to US$1.38 billion and the shares sold represent 12.5 per cent of the company.

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The company did not immediately respond to a Reuters request for comment.

The transaction does not have cornerstone investors which is unusual for a Hong Kong deal, according to the term sheet.

The Chinese company is confident the deal would succeed without having major investors lined up before the launch, a source with direct knowledge of the matter said, requesting anonymity as he is not authorised to speak to media.

The size of the deal can be increased by exercising a so-called green shoe to sell extra shares that could raise up to US$1.58 billion.

If the deal succeeds, Tigermed could top WuXi Biologics' US$984 million share placement in May, Refinitiv data showed.

The world's largest healthcare initial public offering so far this year was SK Biopharmaceuticals' deal in South Korea last month that raised US$791 million, according to Refinitiv.


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