Markets

China Medical System raises $129m in HK IPO

(Agencies)
Updated: 2010-09-25 15:53

Related readings:  SAIC considers buying stake in GM's IPO  Winsway seeks to expand capacity with IPO funds  ABC shares drop below IPO pricet  Youku and Tudou in race for offshore IPO

China Medical System Holdings Ltd raised about HK$1 billion ($129 million) in a Hong Kong initial public offering (IPO), Bloomberg reported Saturday, citing an unnamed source.

The Shenzhen-based company sold 200 million shares at HK$5.06 apiece, at the top of a range of the HK$3.60 to HK$5.06 each it offered in its IPO prospectus.

The pharmaceutical services provider plans to delist from London's Alternative Investment Market on Sept 28 and start trading on the Hong Kong stock exchange on the same day, according to the prospectus.

The stock sold included 170 million new shares and 30 million shares from Lam Kong, chairman and controlling shareholder of the company, according to Bloomberg.