New Horizon Health Triples in Hong Kong IPO Debut

Chinese cancer screening biotech firm New Horizon Health Ltd. more than tripled on its Hong Kong debut on Thursday, notching the biggest first-day rise in the city’s history for initial public offerings raising at least HK$2 billion ($258 million).

New Horizon Health closed at HK$84, up 215% from the offer price of HK$26.66, which was already at the upper end of a marketed range. The biotech company raised $263 million in the IPO.

Over 1 million Hong Kong investors put in orders worth some HK$844 billion for Qiming Venture Partners-backed New Horizon Health’s IPO. That represents a subscription rate of 4,133 times, the second-highest on record after Most Kwai Chung’s 2018 IPO, according to data compiled by Bloomberg.

The article was prepared based on the information: Bloomberg