Technology and services
Supporting a Hong Kong biotech IPO
Macquarie Capital supported Shanghai-based pharmaceutical technology company Innogen on its $US87 million H-share IPO
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| Sector | Technology and services |
| Sub-sector | Healthcare |
| Location | Asia |
Opportunity
Guangzhou Innogen (‘Innogen’) is a pharmaceutical technology company focused on the research and development and commercialisation of drugs for diabetes and other metabolic diseases including obesity, Metabolic Dysfunction-associated Steatohepatitis, and type 1 and type 2 diabetes.
In 2025 it became the first company in Asia, and third globally,1 to commercialise an innovative, humanised, long-acting glucagon-like peptide-1 (GLP-1) receptor agonist for the treatment of type 2 diabetes in China. It continues to also develop other drug candidates to provide innovative, effective solutions for metabolic diseases that currently lack effective therapies.
Strong investor interest, rising valuations and solid performance have seen shares in China’s biotech sector surge this year,2 creating an opportunity for Innogen.
Approach
Macquarie Capital acted as overall coordinator, joint global coordinator, joint bookrunner and joint lead manager for the $US87 million H-share Hong Kong Stock Exchange (HKEX) IPO.
Leveraging its global investor network, Macquarie Capital connected Innogen with leading investors, highlighting its investment value and supporting a coverage of multiple institutional orders.
The first IPO since the launch of HKEX's new rules for optimising IPO pricing and public markets3 in August 2025, Macquarie Capital together with other underwriters in the deal helped Innogen develop an offering solution quickly in response to the new rules.
Outcome
The first-day performance was strong, with the price closing 206 per cent above the IPO price, making Innogen the best first-day IPO performer in Hong Kong since 2023.4
It was also incredibly well received in the market with strong retail demand, resulting in the Hong Kong public offering tranche being more than 5,300 times oversubscribed, making it the second most oversubscribed offering this year to date.5
Innogen will use the proceeds to fund ongoing and planned clinical trials as well as the commercialisation of its core product.
Best performing
first-day HKEX IPO since 2023
More than 5,300 times
oversubscribed in Hong Kong public offering tranche (second-highest in 2025 to date)
206 per cent
first-day performance
As at 26 August 2025
- Innogen, 7 August 2025, Innogen Prospectus Global Offering
- Hang Seng Indexes, as at 26 August 2025, Biotech Index
- Charlston Law, 14 August 2025, HKEX Listing Rule Changes Effective 4 August 2025 & Further Consultation on Ongoing Public Float
- Dealogic, August 2025
- Hebert Smith Freehills, 15 August 2025, Herbert Smith Freehills Kramer advises underwriters of Innogen Pharma's Hong Kong IPO
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