Trading in shares of LifeTech Scientific Corporation is scheduled to begin on the Hong Kong stock exchange’s smaller company-focussed GEM board on November 10 after it placed 93.3 percent of the 125 million shares offered with institutional investors and the remaining 6.7 percent through a Hong Kong initial public offering.
Unsurprisingly, given market conditions, the offer price of HKD2 per share was at the lower end of the HKD1.91-HKD2.26 range. Net proceeds are HKD154.1 million excluding underwriting commission and other expenses.
Chairman and executive director Xie Yuehui said, “This solid support from both retail and institutional investors is an endorsement of our track record, and an understanding of our growth potential.”
LifeTech is a developer, manufacturer and marketer of advanced minimally invasive interventional medical devices for cardiovascular and peripheral vascular diseases and disorders. The company claims a 55 percent BRIC market share in the number of occluder implantation procedures conducted in 2010. According to Xie, “As the second largest provider of congenital heart defect occluders worldwide, LifeTech has a diverse portfolio of products…[and] a wide variety of products in the pipeline.”
Piper Jaffray Asia Securities Limited is lead manager and bookrunner while Piper Jaffray Asia Limited is the IPO sponsor.
