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Sisram Stock Price Down on Market Debut

Sisram Stock Price Down on Market Debut

The Fosun Pharma subsidiary debuted on the Hong Kong Stock Exchange Tuesday

Amarelle Wenkert  :  2017-09-19T13:51:23..
Sisram Medical Ltd, the Israel-based subsidiary of Singapore-based Fosun Pharma, drops on market debut at the Hong Kong Stock Exchange (HKEx) Tuesday.

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On Monday, the company announced it raised $88 million from institutional investors (689 million HKD), with a stock pricing of 8.88 HKD, at the bottom of the expected range.
Hong Kong Stock Exchange Hong Kong Stock Exchange Hong Kong Stock Exchange

Trade in the stock started Tuesday with an 8.79 HKD price, dropping 8.5% to 8.1 HKD.

Formerly known as Alma Lasers, the cosmetic surgery company submitted a prospectus to HKEx on September 5, in which it detailed an offer of 110 million shares at a maximum offer price of $1.58 (HK$12.35).

Sisram Medical is the first Israel-based company listed on the Hong Kong stock exchange.

In 2014, Fosun bought 95% of the shares of Alma Lasers for $240 million through its pharmaceutical unit Fosun Pharma. The company announced its intention to float the laser maker in June.
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