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Viva Biotech seeks $1.52b in IPO

Business | Avery Chen Apr 25, 2019
<p>Viva Biotech, drug discovery platform operator, launches its Hong Kong initial public offering today to raise as much as HK$1.52 billion, with a minimum investment of HK$2,227.22.</p><p>The Shanghai-based company provides structure-based drug discovery services to biotechnology and pharmaceutical customers worldwide for their pre-clinical stage innovative drug development.</p><p>Chief financial officer Hua Fengmao said,Viva Biotech has incubated 30 early stage research and development projects and plans to incubate 25 new projects this year, 35 projects in 2020 and 60 projects in 2021.</p><p>Hua added the average investment is about US$1.5 million (HK$11.7 million) with a two-year service, and the company&#39;s goal is to achieve a return rate of about five times from each company in incubation portfolio in four years. Viva Biotech is issuing 345 million shares at the indicative price range at HK$3.42 to HK$4.41. It plans to start trading on the main board on May 9.</p><p>Meanwhile, China Everbright Water, a spin-off of China Everbright International (0257), launched a Hong Kong IPO yesterday to raise up to HK$452 million with a minimum investment of HK$4,393.84.</p><p>The company marked its offer price range between HK$2.99 to HK$4.35 and is offering 103.97 million shares. It plans to debut on May 8. Also, shares of Singapore-based furniture seller Design Capital (1545) rose 8.33 percent to HK$0.325, compared to its offer price of HK$0.3, in the Bright Smart grey market last night.</p>


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