Diagnostics Company Adicon Holdings To Raise $52 Million Through IPO Listing

Adicon Holdings Ltd, a Chinese diagnostic lab company, announced on Monday that it would raise HK$408.9 million ($52.29 million) in its Hong Kong listing through a global offering of 33.2 million shares.

According to the business, the shares would be offered at HK$12.32.

The worldwide offering will include about 3.3 million or 10% of the shares being offered to Hong Kong-based investors, with the remainder being offered internationally.

In the initial public offering (IPO), Adicon's five cornerstone investors will purchase $37.17 million in shares. Carlyle Group, a global investment business, is Adicon's largest stakeholder, having invested in the diagnostic lab in 2018.

The trading of these shares on stock exchanges is planned to begin on June 30.

Based in the Southeast Chinese city of Hangzhou, Adicon and its controlled entities operate 24 fully-owned diagnostic laboratories in China, offering diagnostic testing outsourcing services to more than 10,000 active customers in 28 provinces.