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BEIJING, October 7 (TMTPOST)— China"s largest private vaccine company AIM Vaccine Co., Ltd. debuted on the Hong Kong Stock Exchange (HKSE) on Thursday after two attempts to get listed on mainland China.
It opened at HK$15 per share on Thursday on the HKSE, down 7.18% from the issue price of HK$16.16, but gradually rose after the opening, closing at HK$16.5 per share by midday, up 2.1%.
The IPO price implied a total market value of HK$19.55 billion ($2.49 billion). 90% of the shares were placed internationally, 10% offered publicly in Hong Kong, and 15% over-allotted. AIM Vaccine announced the IPO results on Wednesday, with the Hong Kong public offering oversubscribed by 2.15 times and the international offering oversubscribed by 2.27 times.
The IPO raised net proceeds of approximately RMB70.01 million ($9.84 million) if the over-allotment option is not exercised. About 60% of the proceeds will be used to advance the research and development of vaccines and to continue to diversify its vaccines, 35% to fund capital expenditures for the construction of new manufacturing facilities, and 5% to support its sales and marketing activities, according to AIM Vaccine.
It is the third time AIM Vaccine has filed its form with the HKSE, with the first two in June and September 2021, respectively. Prior to that, AIM Vaccine had planned to list on the STAR Market, or the science and technology innovation board of the Shanghai Stock Exchange.
Compared to the valuation after the last two rounds of investment before the IPO of AIM Vaccine, the market value of the IPO has dropped significantly. The prospectus shows that in November 2020, the price per share of AIM Vaccine at the time of the capital increase reached RMB 18.58, a discount of 30.21% to the offer price, with a post-transaction valuation of RMB 20.62 billion ($2.89 billion).
Founded in 2011, AIM Vaccine is the second-largest vaccine company in China. According to the company"s prospectus, excluding COVID-vaccine, its market share was 7.4% based on vaccine batches issued in 2021, second only to state-owned China National Pharmaceutical Group Corp.
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