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China's Connect Biopharma Announces IPO At $17/ADS

Connect Biopharma Holdings Ltd on Thursday said it has priced its Initial Public Offering of 11.25 million American Depositary Shares at $17 per ADS.

The Chinese clinical-stage biopharmaceutical company said that the ADSs will begin trading on the Nasdaq from Friday, under the symbol "CNTB". The IPO is expected to close on March 23.

The total proceeds from the IPO are expected to be around $191.3 million.

The company has given underwriters an option to purchase up to an additional 1.69 million ADSs within 30 days from the final prospectus date at the IPO price.

The gross proceeds from the offering will be $220 million if the underwriters buy additional ADSs in full.

Jefferies LLC, SVB Leerink LLC, Piper Sandler & Co. and China International Capital Corp. Hong Kong Securities Limited are the joint book-running managers for this offering.

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