By Scott Murdoch
HONG KONG (Reuters) – China’s Giant Biogene Holding Co Ltd launched on Tuesday an initial public offering (IPO) in Hong Kong to raise up to $80 million, a term sheet showed, sharply lower than its original target of $500 million amid a major sell-off in equity markets.
The Xian-based company, which specialises in medicinal skin care treatment, is selling 22.6 million shares in an indicative price range of between HK$24.30 and HK$27.70 per share, according to the term sheet seen by Reuters.
In that range, Giant Biogene will raise between $70 million and $80 million, the term sheet showed.
The company previously aimed to raise up to $500 million from the Hong Kong market debut, according to two sources with direct knowledge of the matter. The sources could not be named as the information is not public.
Giant Biogene did not immediately respond to a request for comment from Reuters.
(Reporting by Scott Murdoch; Ediitng by Sumeet Chatterjee and Jacqueline Wong)
