Broncus Shares Slide in Hong Kong Debut but Raises Almost $200 Million

By Gina Lee – Broncus Holding Corp. (HK:2216) made a disappointing debut on the Hong Kong Stock Exchange on Friday, but still raised HK$1.55 billion ($199.1 million) via its offering.

Shares were steady at HK$15.28 by 1:13 AM ET (5:13 AM GMT). Broncus had priced its IPO at HK$18.70 a share, the top end of its indicative range.

Goldman Sachs (NYSE:GS) (Asia) L.L.C. and Haitong International Securities Company Limited were joint sponsors and joint representatives.

Credit Suisse (SIX:CSGN) (Hong Kong) Limited joined the duo as joint global coordinator, joint bookrunner and joint lead manager.

CMB International Capital Limited, Huatai Financial Holdings (Hong Kong) Limited, China Industrial Securities International Capital Limited and CNCB (Hong Kong) Capital Limited also served as joint bookrunners and joint lead managers.

Broncus will use the offering proceeds for research and development and business expansion. It specializes in diagnosing and treating lung ailments.

Founded in 2012 and based in Hangzhou, the company develops interventional pulmonology products. It also has an integrated interventional pulmonology platform that improves the diagnosis and treatment effects of lung cancer and chronic obstructive pulmonary disease.

The company’s core products include the InterVapor thermal vapor energy ablation system and RF Generator + RF Ablation Catheter that specifically targets lung cancer.

Broncus posted net losses of $32.6 million for 2019 and $48.8 million for 2020, with revenue falling 59% in 2020. The company expects to continue incurring net losses as it boosts R&D efforts and commercializes its products.

It is the latest medical-related company to list in Hong Kong in 2021, including Acotec Scientific Holdings Ltd.’s (HK:6669) HK$1.53 billion IPO In August 2021 and Angelalign Technology Inc.’s (HK:6699) HK$2.72 billion IPO in June 2021.

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