New IPO Pricing | Tano Pharmaceuticals-B listed today, received over 9,000x subscription, priced at HK$75.7 per share, yielding a HK$3,590 profit per board lot in the grey market

Futu News, May 22:$TENNOR THERAP-B (06872.HK)$announced its allotment results, with shares priced at HK$75.7 each, issuing a total of 8.856 million shares, with a board lot size of 50 shares, officially listing today.

On the previous trading day, Dano Pharma-B's grey market price rose by over 94%, closing at HK$147.50. With each board lot comprising 50 shares, investors made HK$3,590 per lot before accounting for fees.

During the public offering phase, Dano Pharma-B received subscriptions totaling 9,015.11 times the available shares. The final number of shares allocated to the public offering was 828,100, representing approximately 9.35% of the total offering. A total of approximately 276,000 valid applications were received, with around 16,562 applications processed. The proportion of applicants who received one board lot relative to the total number of applied-for shares was approximately 0.8%.

Additionally, during the international placement phase, Dano Pharma-B received 9.24 times subscription coverage. The final number of shares allocated to the international offering was 8,027,900, equivalent to 90.65% of the total offering. Futu compiled the relevant data in the table below:

Company Overview

DanNor Pharma is a biotechnology company nearing commercialization, focusing on discovering, developing, and commercializing differentiated innovative drug products to address clinical needs in bacterial infections and bacterial metabolism-related diseases. With its multi-target conjugated molecule technology, the company is committed to providing patients with optimal treatment solutions to overcome limitations of traditional therapies and improve patient outcomes.

The core product, Lifortonazole (TNP-2198), is the world’s first and, as of the latest practicable date, the only new molecular entity candidate drug targeting Helicobacter pylori infection since its discovery in 1982. The strategic partnerships established by the company with industry-leading enterprises fully demonstrate the therapeutic value and potential of Lifortonazole. Lifortonazole has received IND approval from both the National Medical Products Administration and the FDA and is currently under development in China and the United States.

Financial Summary

DanNor Pharma recorded net losses of RMB 191.8 million, RMB 145.9 million, and RMB 153.2 million in 2023, 2024, and 2025 respectively, primarily due to substantial research and development expenses incurred during the performance record period. In 2023, 2024, and 2025, the company's R&D expenditures were RMB 108.4 million, RMB 69.8 million, and RMB 71.9 million respectively.

Use of Proceeds

Regarding the use of proceeds, Dano Pharma expects net proceeds from the global offering to amount to approximately HK$558 million (calculated based on the offer price of HK$75.70). According to the prospectus, Dano Pharma intends to allocate the funds raised from the global offering toward the following purposes:

Approximately 71% will be used for research, development, registration filing, and commercialization of the company's core products; about 7% will fund the planned Phase IIb MRCT for TNP-2092 oral formulation in treating HE, which the company anticipates will commence in the second half of 2027; around 7.3% will go towards the R&D of other candidate products; approximately 7.2% will be utilized for building the company’s own production plant in Zhongshan City, Guangdong Province; and roughly 7.5% will serve as working capital and for other general corporate purposes.

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Editor/Vincent

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