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CVC-backed Chinese pharmaceutical group eyes $273m from IPO

28 Nov 2013

drug pill pharma tablet medical health vitaminCVC Capital Partners-backed Jintian Pharmaceutical Group is reportedly eyeing up to $273m from an IPO on the Hong Kong Stock Exchange.

The company is offering shares at between HK2.91 ($0.38) and HK$4.23 ($0.55) each according to IFR, citing a term sheet.

Chinese pharmaceutical business Jintian plans to sell 500 million shares through the IPO.

Morgan Stanley is acting as the sole bookrunner.

AltAssets reported last week that the company, which was known as Asia Health Century International, was hoping to raise up to $300m from the share sale.

CVC paid about $84m for a 24.24 per cent stake in the business in 2011.

The company, which was founded in 1998, sells and distributes pharmaceutical and healthcare products in north east China through a network of 668 drugstores.

The business currently has a turnover of about $309m and employs 3,000 people.

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