Key Takeaways:
- MICOT Pharma-B debuted at HKD 34.02, up 87% from its HKD 18.2 offer price
- Hong Kong public offering was 1,181.46x subscribed with a 3% one-lot success rate
- Gross proceeds reached approximately HKD 1.057 billion from the IPO
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MICOT Pharma-B surges 85% on debut after 1,181x HK IPO subscription
MICOT Pharma-B (02335.HK) surged as much as 87% on its Hong Kong debut after its retail tranche was 1,181x subscribed.
The stock opened at HKD 34.02 on the Main Board, nearly 87% above the final offer price of HKD 18.2 per share, according to the company's IPO results announcement. In early trading, shares last changed hands at HKD 33.72, up 85.3%, with turnover exceeding HKD 250 million.
The Hong Kong public offering was 1,181.46x subscribed without triggering the clawback mechanism, giving investors a 3% success rate for one board lot of 200 shares. The international tranche was 2.52x subscribed. The company set the final offer price at the lower end of the indicative range, raising gross proceeds of about HKD 1.057 billion. Net proceeds stood at approximately HKD 989 million after deducting listing expenses.
The strong debut reflects robust retail demand for new biotech listings in Hong Kong despite the stock being priced at the bottom of its range. The pricing gives MICOT Pharma-B a market value that will be tested as institutional coverage begins. Investors will watch for analyst initiation reports and any early insider trading disclosures in the coming weeks.
This article is for informational purposes only and does not constitute investment advice.
