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The company, a manufacturer of minimally invasive medial devices, is selling 225.4m primary shares – equal to 18% of its enlarged share capital. There is also a 15% greenshoe of primary stock.
Kangji has already locked up $165m of the stock – as much as 46% of the base float – with seven cornerstone investors. Fidelity Investments and BlackRock have subscribed for $45m and $35m of the IPO, respectively, while Cormorant Asset Management, Hillhouse Capital and Oaktree Capital are in for $15m apiece. Hong Kong-based healthcare specialist Lake Bleu Capital is taking $25m of the deal and global healthcare investor OrbiMed Advisors $15m.
The issuer is offering the stock at HK$12.36 to HK$13.88 per share, meaning it could net between HK$2.79bn and HK$3.12bn from the IPO, or up to HK$3.6bn including the greenshoe.
Joint sponsors Bank of America, CLSA and Goldman Sachs are...