IFC to anchor Fosun Pharma’s Hong Kong IPO

Fosun Pharma, which is already listed in Shanghai, plans to sell 336 million shares at HK$11.80-13.68 apiece. At the low end of the range, this would be equivalent to 14.5x estimated 2012 earnings and 12.1x estimated 2013 earnings, according to media reports.

If the IPO goes through it would be the largest listing in Hong Kong since Inner Mongolia Yitai Coal raised $900 million in early July. Hong Kong is currently the fifth most active IPO venue by value globally so far this year, trailing NASDAQ, the New York Stock Exchange, the Tokyo Stock Exchange and the Bursa Malaysia.

China International Capital Corp. (CICC), Deutsche Bank, J.P. Morgan and UBS are managing the offering.

Fosun Pharmaceutical is a subsidiary of Fosun International, one of China's largest conglomerates. In August, IFC agreed to provide RMB300 million ($47 million) in funding to help the company scale up the production of affordable drugs in China and other developing countries.

Fosun Pharma manufactures both generic and innovative medicines and is one of the largest suppliers of anti-malaria drugs to developing countries through international institutions like the World Health Organization and the International Red Cross. To date, it claims to have provided anti-malaria drugs to more than 300 million people in Africa and Southeast Asia.

IFC first invested in Fosun Pharma six years ago, when it put RMB320 million into the company through a local-currency bond.

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• Topics
• Healthcare
• Greater China
• Expansion
• IPO
• IFC
• China
• healthcare
• Fosun Group