SHANGHAI—Shanghai InnoStar Bio-tech Co., Ltd., a subsidiary of Sinopharm’s China State Institute of Pharmaceutical Industry Co., Ltd, has made a notable debut by initiating an initial public offering (IPO) on the Shanghai Stock Exchange’s Sci-Tech Innovation Board (STAR). This marks the first pharmaceutical company to go public on this platform in 2024. The shares are priced at 19.06 per share, which is expected to raise a total of 672 million, with the company adopting the ticker symbol SHA: 688710.
InnoStar Bio, established in 2010, operates primarily as a Contract Research Organization (CRO). The company has demonstrated robust financial performance, generating revenues of RMB 1.036 billion in 2023. This IPO is a strategic move that not only strengthens InnoStar Bio’s market position but also reflects Sinopharm’s commitment to expanding its presence in the pharmaceutical sector through innovative and research-driven subsidiaries.
The listing on the STAR Market is indicative of the growing interest in biopharmaceutical companies and the potential for significant growth in this dynamic industry. It also highlights the Chinese market’s appetite for companies that focus on research and development, contributing to the advancement of medical science and healthcare solutions.- Flcube.com
