Ascentage Pharma Sets Initial Public Offering Price and Ticker
Ascentage Pharma's U.S. Initial Public Offering Pricing
Ascentage Pharma has officially priced its U.S. initial public offering (IPO) with great anticipation in the biopharmaceutical market. The offering consists of 7,325,000 American depositary shares, or ADSs, priced at $17.25 each, excluding underwriting discounts and commissions. This pricing reflects strong interest from investors, allowing Ascentage to raise an estimated $126.4 million in gross proceeds from this venture.
A Look at the Offering Structure
Each ADS corresponds to four ordinary shares of Ascentage Pharma. Notably, underwriters have been granted a 30-day option to buy an additional 1,098,750 ADSs at the initial offering price, ensuring further flexibility and investment opportunities in this offering.
Trading Commencement on Nasdaq
The ADSs are set to start trading on the Nasdaq Global Market under the ticker symbol 'AAPGV' on a “when-issued” basis. Regular trading is anticipated to begin shortly thereafter under the ticker “AAPG.” This strategic branding aligns with Ascentage's goal of increasing visibility and access to potential investors in the fast-evolving biopharma sector.
Role of Underwriters and Regulatory Clearance
J.P. Morgan and Citigroup are spearheading the IPO as joint book-running managers. A registration statement has been successfully cleared by the Securities and Exchange Commission, emphasizing the regulatory compliance integral to this process. While the offering will only proceed via a prospectus, the availability of these documents ensures potential investors are well-informed.
Important Contacts for Investor Relations
Investor relations are a priority for Ascentage, and interested parties can reach Hogan Wan, the Head of IR and Strategy, via email for further inquiries. Additionally, Stephanie Carrington and Sean Leous from ICR Healthcare are on hand to assist with media relations and investor queries, showcasing Ascentage's dedication to maintaining transparent communication.
Understanding Ascentage Pharma
Ascentage Pharma stands out as a global biopharmaceutical powerhouse with a clear mission: to develop therapies that address unmet medical needs, particularly in hematological malignancies. The company has been publicly listed on the Main Board of the Stock Exchange of Hong Kong Limited since October 2019 under the stock code 6855.HK. Their innovative approach is pivotal in the ongoing fight against various forms of cancer, positioning them as leaders in the industry.
Frequently Asked Questions
What is the pricing of Ascentage Pharma's IPO?
The IPO is priced at $17.25 per ADS, excluding underwriting discounts and commissions.
When will Ascentage Pharma start trading on Nasdaq?
The ADSs will begin trading on January 24, 2025, under the ticker 'AAPGV' before transitioning to 'AAPG' for regular trading.
Who are the underwriters for the IPO?
J.P. Morgan and Citigroup are acting as the joint book-running managers for this IPO.
What is the potential gross proceeds from this offering?
Ascentage Pharma anticipates approximately $126.4 million in gross proceeds from the IPO before deductions.
What is Ascentage Pharma's primary focus?
The company specializes in discovering and developing therapies to meet needs in treating hematological malignancies.
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