There was no confetti-strewn photo in this IPO. Hong Kong’s bourse celebrated the virtual public listing of InnoCare on Monday in defying the standstill that COVID-19 has imposed on businesses worldwide.
InnoCare Pharma Ltd. (HKEX: 9969) raised $288 million in an offering that went against all odds and ended up oversubscribed nearly 300 times, as reported by various media. The cancer drug developer lifted off today on the Stock Exchange of Hong Kong, priced at the top of the expected range of HK$8.18 to HK$8.95 per share.
The company held a virtual investor roadshow last month and had cornerstone investors subscribe to $164 million on deal. On Monday in Hong Kong, its stock ended nearly 10% higher, at HK$9.81 per share and the company reached a $1 billion valuation.
The listing follows the world’s first online IPO held in Shanghai in February, when a Hubei-based snack shop Bestore (Liangpinpuzi) raised $69.4 million remotely. Earlier this month, without the usual in-person investor meetings, television producer China Bright Culture Group (HKEX: 1859) raised $116 million in Hong Kong. The trend is bound to continue as a number of other IPO runners are virtually presenting their roadshows while the coronavirus rages on.
COVID-19 has put enterprises on lockdown and led the public to take social distancing precautions. The global death toll reached 15,000, with more than 350,000 cases of infection. Hong Kong had 317 confirmed cases as of Sunday, according to a government report. The city experienced an influx of incomers from overseas over the past two weeks, which led to the spread of the virus.