StoryFunding
Innovent Biologics completes Hong Kong IPO, raising $421 million to fund oncology and metabolic drug pipeline
Innovent Biologics completed its initial public offering on the Hong Kong Exchanges and Clearing Limited (HKEX), raising $421 million. The company had no approved products and was unprofitable at listing but had a pipeline of oncology and metabolic drug candidates.
- IPO priced at HK$13.98 per share with 236.35 million shares issued.
- Underwriters included Morgan Stanley, Goldman Sachs, J.P. Morgan, and HSBC.
- Stock gained 19% on its first trading day, reflecting investor confidence in Innovent's pipeline.