HONG KONG Shanghai Pharmaceuticals Co Ltd (601607.SS), China's second largest pharmaceutical products distributor, has secured four cornerstone investors for its $1.2 billion Hong Kong IPO, the South China Morning Post reported on Tuesday.
Temasek Holdings TEM.UL is expected to invest $300 million, Malaysian conglomerate Guoco Group Ltd (0053.HK) plans to spend $150 million, while Pfizer Inc (PFE.N) and Bank of China Group Investment each plan to invest $50 million in the IPO, the newspaper reported, citing a person familiar with the matter.
The shares will be sold to the cornerstone investors at HK21.80 to HK$26 apiece, with a one-year lock-up period, the paper added.
About 95 percent of the shares will be sold to institutional investors with the remaining 5 percent earmarked for Hong Kong retail investors, with a debut scheduled for May 20, the paper said.
Credit Suisse, Deutsche Bank and Goldman Sachs are handling the listing, it added.
Shanghai Pharmaceutical will hold an investor presentation on its offering on Wednesday and a media conference on Thursday.
Pfizer and Shanghai Pharmaceutical signed a memorandum of understanding for a potential strategic partnership on April 20.
(Reporting by Donny Kwok; Editing by Michael Flaherty)