Ascentage Pharma IPO opens flat

Investing.com -- Ascentage Pharma's (NASDAQ: AAPG) IPO began trading Friday on the NASDAQ. Shares opened at $17.25 per ADS, in line with the initial public offering (IPO) price of $17.25. The pharmaceutical company, already listed on the Main Board of the Stock Exchange of Hong Kong Limited under the code 6855.HK since October 2019, issued 7,325,000 American depositary shares (ADS).

Each ADS corresponds to four ordinary shares of Ascentage Pharma. The gross income from the IPO, before subtracting underwriting discounts, commissions, and other related expenses, is projected to be around $126.4 million.

The company has also provided the underwriters with a 30-day option to acquire up to an additional 1,098,750 ADSs at the initial IPO price, excluding underwriting discounts and commissions. The ADSs were expected to begin trading on the Nasdaq Global Market on January 24, 2025, under the ticker "AAPGV" on a "when-issued" basis. Regular trading under the symbol "AAPG" is set to commence on January 27, 2025. The offering is slated to close on January 28, 2025, pending standard closing conditions.

J.P. Morgan and Citigroup (NYSE:C ) are serving as joint book-running managers for the offering. Ascentage Pharma, a global, integrated biopharmaceutical company, focuses on discovering, developing, and commercializing therapies to address global unmet medical needs, primarily in hematological malignancies.

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Source: Investing.com