LONDON (Alliance News) - Hutchinson China MediTech Ltd late Friday said it intends to sell around USD100.0 million of its shares in the form of American depositary shares in the US.
The figure follows on from the company filing documents in the US about a potential listing on the Nasdaq Stock Market back in October last year.
The final price of the ADS will be determined following the book-building process, and the company intends to grant the underwriters a 30-day option to purchase any additional ADS at the final price.
Bank of America Merrill Lynch and Deutsche Bank Securities are acting as joint global coordinators and joint bookrunners for the potential offering. Stifel, Canaccord Genuity, Panmure Gordon & Co and CITIC CLSA are acting as co-managers.
Hutchinson China MediTech said in October it would assess the market conditions before formally launching the offer.
Hutchinson China MediTech shares closed down 2.1% to 2,300.0 pence per share on Friday.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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