German eye clinic group EuroEyes has raised HK$594m (US$76m) on the Hong Kong Stock Exchange after pricing its initial public offering at HK$7.50.
It is selling 79.3 million shares, or 25% of the enlarged share capital, in the middle of the HK$6.20 to HK$8.80 range. There is also an over-allotment option of 11.9 million shares.
The leader in advanced lens exchange surgery and refractive surgery without PRK/LASEK in terms of market share in Germany and Denmark, EuroEyes was the first foreign entrant to Chinese vision correction services market when it opened its Shanghai clinic in 2013.
IPO proceeds will be used to open up more clinics in major cities in China including Chengdu and Chongqing by 2020. The group says that it intends to establish around one to three clinics each year in Tier 1 and Tier 2 cities.
“All of these clinics will be located in premium metropolitan areas within these cities,” the company said.
EuroEyes posted a 50% decline in profits last year to €4.3m (US$4.7m) on revenues that rose 18.9% to €43m.
BOC International is sole sponsor and sole global coordinator along with China Securities and Fosun Hani as joint bookrunners and joint lead managers.