Keymed’s first-day valuation tops $2B after pricing Hong Kong IPO

Public investors welcomed Keymed with a warm reception on the Hong Kong stock exchange, signaling confidence in a pipeline that includes the Chinese biotech’s potential Dupixent competitor.

In its first day of trading Thursday, Keymed Biosciences Inc. (HKEX:2162) gained HK$14.70 (28%) to HK$68, boosting its market cap to HK$18.4 billion ($2.4 billion). The company had sold a combined 58.3 million shares in its Hong Kong and international offerings, raising HK$3.1 billion, or about $400 million, at a postmoney valuation of HK$14.4 billion...