Sequoia Capital-backed BrightGene raises $75m in Shanghai IPO

Sequoia Capital-backed BrightGene raises $75m in Shanghai IPO

An investor stands at a trading terminal in front of an electronic stock board at a securities brokerage in Shanghai, China, on Friday, June 9, 2017. Photographer: Qilai Shen/Bloomberg

Sequoia Capital-backed Chinese biopharma firm BrightGene has collected 521 million yuan ($75 million) in its initial public offering on the Shanghai Stock Exchange (SSE), according to a statement on Friday. 

BrightGene issued 41 million shares at 12.71 yuan apiece ($1.82). The stock opened 130 per cent higher with its market value exceeding 12 billion yuan ($1.7 billion), the statement noted.

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