(Bloomberg) -- Sichuan Biokin Pharmaceutical Co. filed for a Hong Kong listing that could raise about $500 million, according to people familiar with the matter, making it one of the larger deals in the city’s pipeline.
The drugmaker, which is already listed in Shanghai, filed a preliminary prospectus dated Wednesday, without going into detail on the size of the initial public offering. Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citic Securities Co. are joint sponsors for the share sale, the prospectus showed.
Deliberations are ongoing and the size of the IPO may change, according to the people, who asked not to be identified discussing private information.
Biokin didn’t respond to a request for comment.
IFR reported in May that Chengdu-based Biokin was planning an IPO, potentially as soon as early next year. The company has research and development centers in China and the US, along with other facilities, its website shows.
Hong Kong’s market has been subdued recently, with IPOs slumping to their lowest level in two decades in 2023. While activity is picking up and the financial hub is in its busiest week for IPOs this year, sentiment is far from buoyant given that half of the six latest debuts fell below their offer prices.
Biokin started trading at 24.70 yuan in Shanghai early last year, soaring over 120% in two weeks to 54.60 yuan. It was trading at 162.32 yuan Thursday afternoon, giving the company a market value of 65 billion yuan ($9 billion).
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