Cathay Bio: USD 797m STAR IPO set for August 3



Shanghai-based Cathay Biotech Inc., announced an initial public offering (IPO) of 41.67 million shares at RMB 133.45 (USD 19.12) each to Shanghai’s Science and Technology Innovation Board (STAR). The RMB 5.56 billion (USD 797 million) IPO will be up for subscriptions August 3.

Cathay Bio is engaged in the research and development, manufacturing and sales of biobased materials. It generated RMB 1.916 billion (USD 275 million) in revenues and RMB 479 million (USD 68.7 million) net profits in 2019. The IPO proceeds will go towards bio-based decanedioic acid, long chain dicarboxylic acids, long chain polyacrylamide facilities, a bio-based polyamide R&D center, and working capital.

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