China’s Lepu Scientech Makes Muted Hong Kong Debut

After deducting underwriting fees and other expenses, Lepu Scientech raised HK$567 million through the sale of 22.5 million shares in a Hong Kong IPO. Photo: Lepu Scientech Medical Technology

Shares of Lepu Scientech Medical Technology (Shanghai) Co. Ltd., a medical-device maker, closed flat on their Hong Kong trading debut Tuesday, after the company priced its initial public offering (IPO) at the bottom of the marketed range.

The stock opened up 0.34% at HK$29.25 ($3.73) a share and climbed as high as HK$30.60 before ending the day at the IPO price of HK$29.15. The closing quote gives the firm a HK$10.1 billion market capitalization. It was valued at HK$8.2 billion in May 2021 following an investment by Vivo Capital Fund IX, Sequoia Capital China Growth Fund and CDH Supermatrix.