Equity· IPO

Gan&Lee Pharmaceuticals’s IPO debut on Shanghai Stock Exchange today

minutes 2020/06/29 01:47:07
Gan&Lee Pharmaceuticals, 603087

Jun 29, 2020 (China Knowledge) - Gan&Lee Pharmaceuticals (603087) to start trading on the Shanghai Stock Exchange - Main Board today, at a public offering price of RMB 63.32 per share, raising RMB 2.55 bln. Its initial listing shares account for 10% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 22.99.

CITIC Securities, Orient Securities acted as the lead underwriter, and CITIC Securities served as the sponsor for the IPO.

Earlier, Gan&Lee Pharmaceuticals said its IPO was 2,574 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,373 times and the highest at 8,375 times. We expect the IPO to hit limit of 44% increment in its first day of listing. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.

Gan & Lee Pharmaceuticals Co Ltd is a company engaged in research and development, production and sales of insulin and related products. The Company's main products are insulin preparations and insulin dry powder, including Changxiulin recombinant insulin glargine injection and Suxiulin recombinant insulin lispro injection. It is also involved in the development and sales of a type of insulin pen called Xiulin Pen and the components. The Company provides early-stage franchising services by authorizing other companies to sell its insulin injections. The Company sells its products to both domestic and international markets, including Mexico and the Middle East.

In financial year 2019, Gan&Lee Pharmaceuticals garnered a total revenue of RMB 2.9 bln, up 21% YoY. In terms of net income, it achieved RMB 1,167 mln, up 25% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 23.96% and 21.77% respectively, earning per share (EPS) of 3.23 RMB.

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