Luye Pharma Group Ltd. Completes Successful IPO In Hong Kong

Luye Pharma (HK: 2186) priced its Hong Kong IPO at the top end of its proposed range, placing 999.6 million shares at HK$5.92 to raise US$764 million (see story). The shares will begin trading on Wednesday, July 9. The price reflects a price-earnings ratio of 26.6 and values Luye at $2.5 billion. Luye was listed in Singapore until 2012, when three private equity firms and the sovereign wealth fund of Singapore (plus the company’s chairman) took the company private.

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