Hong Kong-based biopharmaceutical company SinoMab BioScience Ltd. plans to raise as much as HK$1.75 billion ($223 million) in an initial public offering (IPO) on the Hong Kong Stock Exchange.

Chinese pharmaceutical company Yunnan Baiyao Group Co. as a cornerstone investor pledged to subscribe for $50 million of shares in the IPO.

SinoMab plans to offer a total of 182 million shares globally, 10% of them in Hong Kong and the rest elsewhere. The offering price will range between HK$7.60 and HK$9.60 a share, according to the prospectus.

The company will start an international roadshow Wednesday; the public offering will begin Thursday; and the shares are scheduled to list Nov. 12.

SinoMab develops therapies for immunological diseases, primarily monoclonal antibody-based biologics, or those that use the body's immune system to attack disease-causing cells.

The company’s flagship product, called SM03, is intended to treat rheumatoid arthritis and is being evaluated in a late-stage study. The company expects to complete the clinical trial and submit a new drug application by mid 2020, the company’s founder and Chief Executive Liang Ruian said Wednesday at a press conference.

The startup doesn’t have any commercialized products or operating revenue. It recorded a net loss of 83.61 million yuan in 2018.

China International Capital Corp. and Orient Securities serve as joint sponsors of the IPO.

Contact reporter Denise Jia (huijuanjia@caixin.com)