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The firm plans to sell 178.45 million shares at HK$19.90-HK$20.60 each starting from November 17th. Cornerstone investors for this IPO include renowned entities such as investment management company Invesco, private-equity firm General Atlantic, and the Qatar Investment Authority.
This IPO is being sponsored by leading financial institutions Morgan Stanley, Goldman Sachs, and JPMorgan. These sponsors are expected to provide the necessary support to navigate the challenging Hong Kong market and ensure a successful IPO.
The backing from WuXi Biologics and Wuxi AppTec adds substantial credibility to WuXi XDC Cayman’s prospects, as these two firms have a strong track record in the biotechnology sector. The funding from this IPO will enable WuXi XDC Cayman to expand its operations and potentially acquire other firms to further strengthen its position in the market.
This development follows a trend of biotech firms seeking public funding to bolster their operations and drive growth. The challenging market conditions in Hong Kong present both opportunities and risks, but with solid backing from cornerstone investors and reputable sponsors, WuXi XDC Cayman is well-positioned for its upcoming IPO.
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