Akeso raises $249M in discounted share placing
What's the deal? AkesoDealroom has a profile for this one. Try Dealroom →, the Hong Kong-listed biopharmaceutical company, will raise about US$234.5M (roughly $249 million) by placing 20 million new shares to at least six institutional or professional investors. The shares are priced at US$11.8 each, representing about 2.17% of existing share capital.
The terms: The placing price reflects a discount of about 6.90% to the previous day's closing price and 8.82% to the five-day average. Gross proceeds come to US$236.3M, with net proceeds of US$234.6M after fees.
What's the endgame? Akeso, a Cayman Islands-incorporated firm, develops and commercialises therapeutic products, aiming for growth in regional and global markets. The proceeds will support corporate and operational needs through access to equity capital in Hong Kong.
What could go wrong? Completion depends on the Hong Kong Stock Exchange approving the new shares for listing. Akeso has cautioned that the deal may not proceed if those conditions are not met.
The signal: The raise ranks in the 95th percentile by size among all-time post-IPO equity rounds in health, based on a sample of 6,289 deals. Against Akeso's current market cap of US$11.9B, the placing is a modest but sizeable top-up from investors willing to buy in at a discount.
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