Chinese cancer screening biotech firm New Horizon Health Ltd. soared 185% on its Hong Kong debut, the latest initial public offering.
New Horizon Health opened at HK$76, up from the offer price of HK$26.66, which was already at the upper end of a marketed range. The biotech company raised $263 million in the IPO.
Over 1 million Hong Kong investors put in orders worth some HK$844 billion ($109 billion) for New Horizon Health’s IPO. That represents a subscription rate of 4,133 times, the second-highest on record after Most Kwai Chung’s 2018 IPO, according to data compiled by Bloomberg.
Established in 2013, New Horizon makes digestive tract cancer test kits for home use, designed to give individuals easier access to diagnostic procedures. Its backers include FountainVest Partners, Softbank’s SB China Capital, Duke University, and Qiming Venture Partners.
New Horizon intends to use the proceeds for the additional development of its product ColoClear, commercialization and expanding its pipeline.