13th Apr 2016 16:09
LONDON (Alliance News) - Hutchison China MediTech Ltd on Wednesday said it has raised USD110.2 million through the sale of American depositary shares on the Nasdaq Global Select Market in New York, after its underwriters exercised an overallotment option.
This follows on from the company filing documents in the US about a potential listing on the Nasdaq Stock Market back in October last year.
Hutchison China MediTech said in March it had sold USD101.3 million of its shares, but said the underwriters had been granted a 30-day option to purchase any additional ADS at the final price, which was USD13.50 per ADS. Each ADS is the equivalent of half an ordinary share in Hutchison China MediTech listed in London, so the price was equivalent to around 1,942 pence per share.
Shares in Hutchison China MediTech closed down 0.8% at 1,910.00 pence on Wednesday.
On Wednesday, Hutchison China MediTech said the underwriters exercised their overallotment option and purchased an additional 660,000 ADSs, raising an additional USD8.9 million in proceeds. This brought the total proceeds of the sale to USD110.2 million.
Bank of America Merrill Lynch and Deutsche Bank Securities acted as joint global coordinators and joint bookrunners for the potential offering. Stifel, Canaccord Genuity, Panmure Gordon & Co and CITIC CLSA acted as co-managers.
By Hannah Boland; [email protected]; @Hannaheboland
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