BEIJING (Reuters) – Chinese COVID-19 vaccine developer Clover Biopharmaceuticals said on Thursday it raised $240 million in net proceeds in initial public offering (IPO) of shares in Hong Kong.

Based on the offer price of HK$13.38 ($1.72) per share, the net proceeds from the IPO, after deduction of underwriting fees and other expenses, are estimated to be roughly HK$1.87 billion ($240.29 million), Clover said in a statement.

Trading in its shares is expected to start later on Friday.

A large global trial showed that Clover’s vaccine candidate was 67% effective against COVID-19 of any degree of severity, and 79% against the highly infectious Delta variant, the company said in September.

The company has a deal to supply up to 414 million doses of its COVID-19 vaccine through the global vaccine sharing scheme COVAX.

Clover said in its prospectus the majority of the proceeds would be used in the research, production and commercialisation of its core products.

($1 = 7.7832 Hong Kong dollars)

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