Frontage Holdings Corporation announces successful initial public offering on the Hong Kong stock exchange
Frontage Holdings Corporation (PA, USA), parent company to Frontage Laboratories Inc. (PA, USA), announced recently the company’s shares have begun trading on the main board of the stock exchange of Hong Kong. Frontage is a fast-growing CRO, specializing in R&D product development services with operations in the USA and China – the two largest pharmaceutical markets globally.
Frontage shares were traded on the first day of listing with an intraday high of HKD$ 3.78 each and closed the day at HKD$ 3.35. This represents an approximate increase of 4.69% from the offer price of HKD$ 3.20. Total trading volume involved approximately 280.7 million shares and represents an aggregate turnover of approximately HKD$ 1.01 billion.
Song Li, the Founder and Honorary Chairman of Frontage, commented: “We are recognized as a leader among CRO companies in the United States, in terms of quality, reliability, affordability, productivity, technology and regulatory compliance. Our successful listing today marks another important milestone in our development history.”
Net proceeds received from the global offering (following deductions for underwriting fees, commissions and expenses) are estimated to be HKD$ 1515.41 million, assuming the over-allotment option is not exercised.
Frontage has stated, in the ‘Future Plans and Use of Proceeds’ section of their Prospectus, that they intend utilize the net proceeds to further expand the capacity and capabilities of their produce development services.
