Exton-based Frontage Holdings Corp., the parent company of Frontage Laboratories Inc., a contract research organization specializing in R&D product development services, had its initial public offering on The Stock Exchange of Hong Kong.
Shares of the company were actively traded on the first day of listing, with an intraday high of HK$3.78 each and closed at HK$3.35, representing an increase of approximately 4.69 percent from the offer price of HK$3.20. Total trading volume was approximately 280.7 million shares, representing an aggregate turnover of approximately HK$1.01 billion.
Net proceeds from the Global Offering, after deduction of the underwriting fees and commissions and estimated expenses, are estimated to be HK$1,515.41 million, assuming the over-allotment option is not exercised.
Frontage will leverage the net proceeds to further expand the company's product development services capacity and capabilities to capitalize on growth opportunities arising in the two largest pharmaceutical markets in the world, the United States and China.
