Key Takeaways:
- Micot Pharma-B closed at $35.5 on gray market, up 95.1% from listing price.
- Trading volume reached 3.91 million shares with turnover of $123.8 million.
- The stock lists on June 24 with a book gain of $3,460 per board lot.
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Micot Pharma-B surges 95% in gray market ahead of HK listing
Micot Pharma-B (02335.HK) closed at $35.5 on the gray market, surging 95.1% from its listing price ahead of its June 24 debut on Hong Kong's Main Board.
In a separate note on the broader market, China Galaxy Securities said HK Stocks' fundamentals have confirmed an inflection point, though market confidence and fund flows are yet to form a synergy.
Gray market data from two brokers showed strong demand for the biotech listing. According to Futu data, the stock opened up 9.9% to $20 from the listing price of $18.20, peaked at $36 and closed at $35.5 on volume of 3.91 million shares and turnover of $123.8 million. The session low matched the opening price at $20. PhillipMart data showed a wider opening gain of 86.8% to $34, with a peak of $36.18 and a low of $27.5, before closing at $35.6 on turnover of $78.4 million. Excluding handling fees, the book gain was $3,460 per board lot of 200 shares based on Futu data, and $3,480 per lot based on PhillipMart data.
The gray market performance indicates strong retail demand ahead of the official listing. Details on the deal size, cornerstone investors and underwriters have not yet been disclosed. The stock's debut on June 24 will test whether institutional buying can sustain the premium above the listing price.
Biotech IPOs in Hong Kong have drawn increased attention as the broader market shows signs of recovery. The strong gray market showing for Micot Pharma-B contrasts with a period of subdued IPO activity in the city, where several healthcare listings have traded below their offer prices in recent months. The company's listing adds to a pipeline of biotech firms seeking to raise capital through Hong Kong's Main Board.
This article is for informational purposes only and does not constitute investment advice.
