Shanghai Pharmaceuticals Co (601607.SS), China’s second largest pharmaceutical products distributor, has secured four cornerstone investors for its US$1.2 billion ($1.47 billion) Hong Kong IPO, the South China Morning Post reported on Tuesday.
Temasek Holdings (TEM.UL) is expected to invest US$300 million, Malaysian conglomerate Guoco Group (0053.HK) plans to spend US$150 million, while Pfizer Inc (PFE.N) and Bank of China Group Investment each plan to invest US$50 million in the IPO, the newspaper reported, citing a person familiar with the matter.
The shares will be sold to the cornerstone investors at HK21.80 ($3.44) to HK$26 apiece, with a one-year lock-up period, the paper added.
About 95% of the shares will be sold to institutional investors with the remaining 5% earmarked for Hong Kong retail investors, with a debut scheduled for May 20, the paper said.
Credit Suisse, Deutsche Bank and Goldman Sachs are handling the listing, it added.
Shanghai Pharmaceutical will hold an investor presentation on its offering on Wednesday and a media conference on Thursday.
Pfizer and Shanghai Pharmaceutical signed a memorandum of understanding for a potential strategic partnership on April 20.
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