[SINGAPORE] Singapore biotech start-up Mirxes launched its initial public offering (IPO) in Hong Kong on Thursday (May 15) as it seeks to raise HK$1.09 billion (S$181 million) to further grow the business.
The cancer diagnostics company, which once applied to list on the Singapore Exchange (SGX), is offering 46.62 million shares at HK$23.30 each.
Some 41,958,000 shares or 90 per cent of the IPO offer will be made available to international investors while the remaining 10 per cent or 4,662,000 shares will be available for public subscription in Hong Kong.
The shares are expected to start trading on May 23.
“The company estimates that aggregate net proceeds to it from the global offering will be approximately HK$880.5 million,” Mirxes said.
It intends to use about half of the net proceeds for research and development, regulatory filings and manufacturing and commercialisation of Mirxes’ flagship stomach cancer blood test Gastroclear. The product is the world’s first approved molecular blood test for early detection of gastric cancer.
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Approximately HK$211 million will be channelled towards research and development for the company’s products.
Another HK$132.1 million will be used to strengthen and integrate Mirxes’ end-to-end capabilities to capture its value chain’s commercial potential.
The remaining HK$88 million will be used for the company’s working capital and other general corporate purposes.
Beijing Xunrui Enterprise Management Partnership has agreed to subscribe to shares equivalent to US$50 million while Evergreen Gate, a subsidiary of Fosun International, will subscribe to US$7.92 million worth of shares.
China International Capital Corp and CCB International Capital are the joint sponsors and bookrunners for the IPO.
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