Shenzhen Chipscreen Biosciences priced its Shanghai STAR Board IPO to raise $148 million at a $1.2 billion valuation, the first China pharma to list on the new exchange. Demand for STAR IPOs continues to be off-the-chart strong: Chipscreen’s IPO price reflects a PE ratio of 468, a record for the exchange so far. Chipscreen’s block of stock reserved for retail investors was almost 3,000 times oversubscribed. After the first group of STAR IPOs began trading, they rose an average of 140%. Chipscreen is expected to be begin trading as soon as August 12. Source: China Biotoday
