By Gina Lee

Investing.com – Clover Biopharmaceuticals Ltd. (HK) was listed on the Hong Kong Stock Exchange Friday. It raised HK$2.03 Billion ($260.17 Million) during the transaction.

The shares held steady at HK$13 ($1.67) at 12:25 PM ET (4:25 GMT) after having traded as high as HK$13.56 earlier during the session.

Goldman Sachs (NYSE.) (Asia), LLC, China International Capital Corporation Hong Kong Securities Limited. Credit Suisse Limited was one of the joint global coordinators.

COVID-19’s vaccine developer listed the 150,000,000 shares offered at HK$13.38. That is, it was the top half of their HK$12.80 to HK$13.50 pricing guidance. In the international offering, there is an additional allocation of 22,000,000 Offer shares.

The company estimates that the total net proceeds after deductions for underwriting fees are around HK$1.87billion, or $240.26m. Most of the funds will go to the production and marketing of core products.

The company’s core product includes S-Trimer (SCB-2019), its protein-based COVID-19 vaccine candidate. S-Trimer showed 67% effectiveness against COVID-19 at any severity in a large, global clinical trial, according to the company’s September statement. It was also 79% effective against Delta variant COVID-19.

Clover also reached a deal with COVAX to provide up to 414 millions doses of COVID-19 vaccine via the global vaccination sharing program COVAX.

“We are excited at what the future holds as we submit conditional regulatory approval applications for and potentially commercialize S-Trimer in the near term,” Joshua Liang, CEO and executive director at Clover, said in a statement.