Everest Medicines Raises $423 million in Hong Kong IPO
October 9, 2020

By Justina Lee

(Dow Jones) -- Everest Medicines Ltd. soared 29% in their Hong Kong debut Friday, after the company raised 3.28 billion Hong Kong dollars (US$423.2 million) in an initial public offering.

The biopharmaceutical company priced its sale of 63.55 million shares at HK$55 apiece. Everest Medicines will use about 60% of the IPO proceeds to develop products and meet working capital needs.

Hong Kong's IPO market has been active in recent months, drawing companies involved in sectors including pharmaceuticals and property. The city has hosted several multibillion-dollar offerings this year, including listings for online gaming company NetEase Inc. and e-commerce giant JD.com Inc.

Write to Justina Lee at justina.lee@wsj.com

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