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Asia Long-Short PM/Analyst

Curtis Lehnert

Equity Bottom-Up

Ascletis Pharma is the first pharmaceutical company to file for an IPO in Hong Kong after the government allowed pre-revenue biotech companies to list in HK.  The performance of the deal is very important as other pre-revenue biotechs in China queue up for HK IPOs. All parties interests are aligned to make Ascletis' IPO go well.  
The company is seeking a price range of HK$12-16 for 224.1 million shares, selling approximately 20% of the company. The expected proceeds will be US$343 - 457 million, implying a $1.7 billion - $2.3 billion valuation. GIC will take up $75mm as a cornerstone investor, creating scarcity for the shares.  The price range comes at a multiple of 2.3x - 3x Round 2 funding done in December 2016.
Details and thoughts on valuation below, for subscribers only.

Ascletis Pharma is the first pharmaceutical company to file for an IPO in Hong Kong after the government allowed pre-revenue biotech companies to list in HK.  The performance of the deal is very important as other pre-revenue biotechs in China queue up for HK IPOs. All parties interests are aligned to make Ascletis' IPO go well.  
The company is seeking a price range of HK$12-16 for 224.1 million shares, selling approximately 20% of the company. The expected proceeds will be US$343 - 457 million, implying a $1.7 billion - $2.3 billion valuation. GIC will take up $75mm as a cornerstone investor, creating scarcity for the shares.  The price range comes at a multiple of 2.3x - 3x Round 2 funding done in December 2016.
Details and thoughts on valuation below, for subscribers only.

Ascletis Pharma (1672 HK) IPO: First in Line

Ascletis Pharma Inc

Ascletis Pharma (1672 HK) IPO: First in Line