Hansoh Pharma raises $1 billion in HK IPO priced at top of range: sources

HONG KONG (Reuters) - Drugmaker Hansoh Pharmaceutical Group on Wednesday priced its Hong Kong initial public offering at the top end of its targeted range, two people with direct knowledge of the matter said, raising roughly $1 billion.

The Jiangsu-based drugmaker sold around 551 million new shares at HK$14.26 ($1.82) each - the top end of an indicative range of HK$13.06 ($1.67) to HK$14.26 a share, the people said, making it one of Hong Kong’s largest floats this year.

The pricing values the company at $10.3 billion and represents a multiple of 27.5 times its estimated 2019 earnings, one of the people said.

Hansoh’s shares are due to start trading on June 14.

The company declined to comment. The people did not want to be named as they were not authorized to speak on the matter.

Reporting by Julie Zhu; Editing by Sumeet Chatterjee and Jane Merriman