Haipu Rui Pharmaceutical Secures Over 5 Billion Yuan in Subscription Commitments for IPO

Chinese pharmaceutical firm Haipu Rui Pharmaceutical has secured over 5 billion yuan in subscription commitments ahead of its initial public offering. The company's offering reportedly saw an oversubscription of more than 10 times in the public tranche, reflecting strong investor interest, particularly in the healthcare sector which has seen increased attention during the pandemic.

Haipu Rui operates globally across three business segments: pharmaceuticals, innovative biotechnology, and contract development and manufacturing organization (CDMO) services. The company was ranked as the largest exporter of injectable preparations from China by value and volume in 2018, with products primarily sold into the European market. Its leading drugs include three distinct brands of enoxaparin sodium injections, approved in 35 countries and sold in 19.

In 2019, Haipu Rui achieved a revenue of 1.23 billion yuan, demonstrating a compound annual growth rate of 51.71% over the past three years. The European market, accounting for approximately 60% of the global heparin drug market, presents significant growth potential for the company.

The listing includes five fund management companies as cornerstone investors, subscribing for approximately 852 million Hong Kong dollars. Morgan Stanley and Goldman Sachs served as joint overall coordinators for the offering. Analysts anticipate a favorable short-term stock price performance for the company.