Lifetech Scientific(Shenzhen) Co.,LTD. Seeks HK $282 Million in IPO
10/31/2011 7:29:35 AM
Biotechnology company LifeTech Scientific Corp aims to raise up to HK$282.5 million through an initial public offering on the second board today to fund new manufacturing and product development. The Shenzhen-based company, which specialises in implants for treating cardiovascular disorders, will offer 125 million shares at a target price of between HK$1.91 and HK$2.26 each. LifeTech has earmarked 55 per cent of the expected net listing proceeds, or HK$88 million, for expansion of its production base in Shenzhen and a further 35 per cent, or HK$56 million, for product development. The remainder will support its sales and distribution network in emerging markets.