Sichuan Biokin Pharmaceutical Co. has filed for a Hong Kong listing that could raise about $500 million, sources say. Already listed in Shanghai, Biokin’s preliminary prospectus did not specify the IPO size. Goldman Sachs, JPMorgan Chase, and Citic Securities are joint sponsors.
The IPO size is subject to change, as deliberations continue, according to sources who requested anonymity. Biokin did not comment on the matter.
The Chengdu-based drugmaker, with R&D centers in China and the US, was reported in May to plan an IPO potentially by early next year.
Hong Kong’s IPO market has been subdued, hitting a two-decade low in 2023. Despite a recent uptick in activity, sentiment remains cautious, with half of the six latest debuts falling below their offer prices.
Biokin’s Shanghai-listed shares surged over 120% last year, currently trading at 162.32 yuan, valuing the company at $9 billion.