Shanghai Haohai Biological IPO priced near top end, source says

Shanghai Haohai Biological Technology has priced its Hong Kong initial public offering at the top end of an indicative price range of HK$48.50 to HK$59 per share to raise $305 million, better than the $263 million (HK$2.0 billion) expected, according to a source.

Shanghai Haohai Biological Technology detailed plans for an IPO on the Hong Kong Stock Exchange to pay for new production lines, equipment and acquisitions.

The Shanghai-based firm makes biomedical material for treating wounds that is also used during surgical operations. It said originally it planned to issue 40 million shares at an offer price between HK$48.50 to HK$59 per share.