IPO Pricing | 'Peptide-based pharmaceutical company' MedKey Pharma-B debuts today, oversubscribed by over 1,100 times, with a HK$3,460 gain per board lot in the grey market

Futu News, June 24:$MICOT PHARMA-B (02335.HK)$announced its allotment results, pricing shares at HK$18.20 each, issuing a total of 58.0544 million shares, with each board lot comprising 200 shares; the shares officially listed today.

On the previous trading day, Medkey Pharma-B rose 95.05% to close at HK$35.50. With a board lot size of 200 shares and excluding brokerage fees, one lot generated a profit of HK$3,460.

During the public offering stage, Medkey Pharma-B received 1,181.46 times subscription coverage. The final number of shares allocated to the public offering was 5.8056 million shares, representing approximately 10% of the total offering. A total of approximately 153,800 valid applications were received, with around 22,665 applications processed. The approximate percentage of applicants who received an allocation for one lot out of all applications was 3%.

Additionally, during the international placement stage, Medkey Pharma-B was subscribed 2.52 times. The final number of shares allocated to the international offering was 52.2488 million shares, equivalent to 90% of the total offering. Futu compiled the relevant data in the table below:

Company Overview

The company is committed to advancing peptide-based therapeutics as foundational treatments across multiple disease areas. Leveraging over a decade of experience in peptide drug research and development, the company has established a fully integrated platform to support the industrialization of dual-functional peptide-based drug candidates.

As of the latest practicable date, the company has developed a pipeline of dual-functional peptides and innovative drug candidates, including: (i) its lead product MT1013, a peptide-based drug that simultaneously targets the CaSR and OGP receptors, primarily developed for the treatment of CKD-SHPT, with potential for further development in additional indications such as CKD-MBD with osteoporosis and non-dialysis-dependent CKD-SHPT; and (ii) three key products—XTL6001, MT1002, and MT200605—as well as other pipeline candidates.

Financial Summary

In 2024 and 2025, the company’s R&D expenses attributable to its lead product MT1013 amounted to RMB 66.7 million and RMB 84.4 million, respectively, representing 62.3% and 64.9% of the company’s total R&D expenses for those years. The company’s total R&D expenses increased by 21.6%, from RMB 107.0 million in 2024 to RMB 130.1 million in 2025. The company reported net losses of RMB 156.8 million and RMB 184.9 million in 2024 and 2025, respectively.

Use of Proceeds

Regarding the use of proceeds, Medkey Pharma-B expects net proceeds from the global offering to be approximately HK$1.067 billion (based on the offer price of HK$18.20 per share). According to the prospectus, Medkey Pharma intends to allocate the proceeds from the global offering to the following purposes:

Approximately 39.1% will be used for ongoing and planned clinical trials and planned commercial launches of the company's core products; approximately 36.3% will be used for ongoing and planned clinical trials and planned commercial launches of the company's key products; approximately 15.0% will be used for ongoing and planned clinical trials and planned commercial launches of MT200605; approximately 14.6% will be allocated to research and development of the company’s other pipeline candidates and technology platforms; and approximately 10.0% will be used for working capital and general corporate purposes.

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Editor/Vincent

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