Innovent hits $421 million target for Hong Kong listing

In its initial public offering (IPO) on the Hong Kong Stock Exchange, China’s Innovent Biologics has reportedly sold around $421 million worth of shares priced at the top end of estimates, at about $1.78 per share.

The price values the monoclonal antibody specialist at around $2 billion. The Suzhou-based firm is backed by ten major investors, including mutual fund giant Fidelity, Sequoia Capital China and Singapore state investor Temasek.

Innovent has raised up to $600 million over the last seven years, and generated revenue of $636,030 in the first six months of 2018.