By Gina Lee

Investing.com – Broncus Holding Corp. (HK:) made a disappointing debut on the Hong Kong Stock Exchange on Friday, but still raised HK$1.55 billion ($199.1 million) via its offering.

At 1:13 AM ET (5.13 GMT) shares held steady at HK$15.28 Broncus’ IPO was priced at HK$18.70 per share. This is the highest end of their indicative range.

Goldman Sachs (NYSE:) (Asia) L.L.C. Haitong International Securities Company Limited was joint sponsor and joint representative.

Credit Suisse (SIX:) (Hong Kong) Limited joined the duo as joint global coordinator, joint bookrunner and joint lead manager.

CMB International Capital Limited. Huatai Financial Holdings in Hong Kong Limited. China Industrial Securities International Capital Limited. CNCB Capital Limited.

Broncus intends to make use of the offer proceeds to fund research, development and expansion. The company specializes in the diagnosis and treatment of lung diseases.

Hangzhou-based, it was established in 2012. It develops interventional products in pulmonology. A platform for interventional pulmonology, which improves lung cancer diagnosis and treatment.

The company’s core products include the InterVapor thermal vapor energy ablation system and RF Generator + RF Ablation Catheter that specifically targets lung cancer.

Broncus suffered net losses in the amount of $32.6 million and $48.8 millions for 2020. The company’s revenue fell 59% between 2019-2020. The company expects to continue incurring net losses as it boosts R&D efforts and commercializes its products.

It is the latest medical-related company to list in Hong Kong in 2021, including Acotec Scientific Holdings Ltd.’s (HK:) HK$1.53 billion IPO In August 2021 and Angelalign Technology Inc.’s (HK:) HK$2.72 billion IPO in June 2021.