HutchMed (China) is set to raise HK$4.17bn (US$537m) after pricing Hong Kong shares at HK$40.10 each, according to people close to the deal.
The US and London-listed biopharmaceutical company, which counts CK Hutchison as its largest shareholder with a 44.7% stake, marketed 104m primary shares, representing 12.3% of the enlarged share capital. One American depositary share is equal to five ordinary shares.
The issue price is at a discount of 0.27% to the US close of US$25.89 on Tuesday.
There is a maximum offer price of HK$45 that is applicable on the retail tranche only, which will close at noon on Wednesday. About 87.5% of the float is earmarked for institutional investors and 12.5% for retail investors.
The deal has drawn five cornerstone investors for a combined US$325m. They are Carlyle (US$210m), CPP Investments (US$50m), General Atlantic (US$30m), HBM Healthcare Investments (US$20m) and CICC Grandeur (Xiamen) Equity Investment Fund (US$15m).
The deal will price on June 23 and the shares will list on June 30.
HutchMed, formerly known as Hutchison China MediTech, abandoned a Hong Kong listing attempt in 2019 because of choppy market conditions.
CICC, Jefferies and Morgan Stanley are the sponsors.
Updated story: Updates with final price and discount