Ted Pharmaceutical (03880) will be offering shares from June 20 to June 25, and is expected to be listed on June 30th.

Ted Pharmaceuticals (03880) will be listed from June 20 to June 25, 2025. The company plans to issue 16.8 million shares, with 10% for sale in Hong Kong and 90% for international sale. The offering price per share is HK$28.4-30.6, with a board lot size of 100 shares. The expected trading of the shares on the Stock Exchange of Hong Kong will begin on June 30, 2025 (Monday). According to Frost & Sullivan data in 2023, based on sales revenue, the company is the third largest CRDMO specializing in peptides globally, with a market share of 1.5%. The company offers services throughout the entire lifecycle from early discovery, pre-clinical research, clinical development to commercial production. The top two players in the global CRDMO market focusing on peptides hold 23.8% market share, while the rest of the market participants are more scattered, with the third to sixth largest players (including the company) holding approximately 1% market share each in 2023. The company mainly provides (i) CRO services for peptide NCE discovery synthesis, and (ii) CDMO services for peptide CMC development and commercial production. The company's services primarily focus on providing API to customers, rather than finished drugs. Customers then mix the API with excipients, form the final dosage form of the drug, determine the appropriate dosage form, route of administration, and formula, and then use the final drug for their clinical trials or commercial sales. The company has established stable customer relationships and service coverage in over 50 countries, including major markets such as China, the United States, Japan, Europe, South Korea, and Australia. The company provides clients with support services for peptide drug development, production, and CMC declaration that comply with major market regulatory requirements. The company has signed cornerstone investment agreements with cornerstone investors, who have agreed under certain conditions to subscribe for or cause designated entities to subscribe for a certain amount of investment at the offering price. Assuming the offering price is HK$29.50 (the middle of the offering price range stated in the prospectus), the total number of shares subscribed by cornerstone investors will be 2.66 million shares, equivalent to (i) approximately 15.84% of the H shares subscribed under the global offering, and (ii) approximately 1.88% of the total issued share capital after the completion of the global offering. The total subscription amount of cornerstone investors will be approximately $10 million. After deducting estimated underwriting commissions and other expenses payable by the company for the global offering, the company estimates that the net proceeds from the global offering will be approximately HK$411 million (assuming an offering price of HK$29.50 per H share). Approximately 76.4% of the net proceeds will be used to expand the company's service capabilities and production capacity in the United States and China. Approximately 4.1% of the net proceeds will be used to expand capacity in China. Approximately 9.5% of the net proceeds will be used to establish sales and after-sales service points in more regions to enhance the company's global business and expand its customer base. Approximately 10.0% of the net proceeds will be used for the company's working capital and other general corporate purposes.