IPO News | 'Innovative Pharmaceutical Company' Mabwell-B kicks off its subscription period, with a planned listing on April 28. The minimum subscription amount is 6,203.95 Hong Kong dollars.

Futu News reported on April 20 that$MABWELL-B (02493.HK)$The company announced that it will offer shares from April 20 to April 23, with plans to globally distribute approximately 47,130,200 shares, expecting to be listed on April 28.

Company Overview

The company is a well-known Chinese pharmaceutical firm recognized for its innovative capabilities in drug research and development as well as its end-to-end operational expertise from drug discovery to commercial sales. The company’s pipeline focuses on cancer and age-related diseases, which pose significant global health risks and have unmet clinical needs.

The company has established a competitive portfolio of pipeline products, including four marketed products across different categories and ten drug candidates (one at the NDA stage, eight in clinical stages, and one in pre-clinical stage), focusing on oncology and age-related diseases such as immunology, ophthalmology, and orthopedics. Its core product, 9MW2821 (BFv, a Nectin-4 ADC), is one of the company’s ADC technology products, showcasing its expertise in this field.

Financial Summary

In 2024 and 2025, the company recorded revenues of RMB 199.6 million and RMB 659.0 million respectively; its R&D costs increased from RMB 782.9 million in 2024 to RMB 977.0 million in 2025; its gross profit rose from RMB 169.2 million in 2024 to RMB 596.4 million in 2025.

Use of Proceeds

In terms of use of proceeds, Mabwell Biotech expects to receive net proceeds of approximately HKD 1.256 billion from the global offering (assuming the over-allotment option is not exercised and based on the mid-point offer price of HKD 29.18). According to the prospectus, Mabwell Biotech plans to allocate the proceeds from the global offering for the following purposes in the specified amounts:

Approximately 56.8% will be used for clinical development trials at various stages for its core product, 9MW2821, across multiple indications; around 17.7% will be allocated to the research and development of other pipeline products targeting cancers and age-related diseases with significant clinical needs; about 15.5% will be utilized for commercialization purposes; and roughly 10.0% will be applied toward working capital and other general corporate purposes.