QuantumPharm Inc., operating under the name Xtalpi Inc., has successfully conducted an initial public offering (IPO) on the Hong Kong Stock Exchange, raising HKD 1.13 billion (USD 144.5 million). The shares of Xtalpi, listed under the ticker symbol 02228, were priced at HKD 6.03 per share.
Xtalpi is a pioneer in utilizing quantum physics-based first-principle calculations, artificial intelligence (AI), high-performance cloud computing, and robotic automation to accelerate the drug development process. The company has established partnerships with both international and domestic pharmaceutical companies and extends its technology to materials science development. Among its recent major partnerships are those with Eli Lilly, Janssen, Merck KGaA, and Chia Tai Tianqing Pharma, a subsidiary of Sino Biopharmaceutical (HKG: 1177).
Xtalpi is the first company to capitalize on the Chapter 18C biotech listing rules introduced by the Hong Kong Stock Exchange over 12 months ago. These rules permit companies with a market valuation of at least HKD 10 billion to go public on the exchange, even if they have not yet generated any revenue. The IPO was reportedly heavily oversubscribed, with demand from brokerages exceeding the offering size by up to 10 times.- Flcube.com
