CStone raises $285M in Hong Kong IPO

CStone Pharmaceuticals Co. Ltd. (HKSE:2616) priced its IPO on the Hong Kong stock exchange Feb. 25, raising HK$2.2 billion (US$285 million). The oncology company rose HK$0.86 to HK$12.86 in its first day of trading Feb. 26.

The offering values CStone at HK$11.8 billion (US$1.5 billion). CStone sold 18.6 million shares to Hong Kong investors and 167.8 million shares to the international community at HK$12, near the middle of its proposed range of HK$11.10-HK$12.80 (see "CStone Could Get $1.5B Valuation in Hong Kong IPO")...