New | Genetic engineering specialist BBI Life Sciences launches IPO

BBI Life Sciences says it will raise up to HK$290 million from an initial public offering of 131 million shares.

Ten per cent will be offered in Hong Kong at an indicative pricing range of HK$1.56 to HK$2.21 each, with the other 90 per cent for international placing.

The mainland genetic engineering specialist provides laboratory services and products to hospitals, pharmaceutical and biotech companies, government testing and diagnostics centres and distributors in China and overseas. Assuming an offer price in the middle of the indicative range at HK$1.88 a share, net proceeds would be HK$201.7 million. The company said 85 per cent of the money would be used for “deepening and broadening product portfolio”.

The rest would be used to expand “direct-sales network through setting up new companies” and strengthening its information technology and online sales platform.