Sisram Stock Price Down on Market Debut

Sisram Medical Ltd, the Israel-based subsidiary of Singapore-based Fosun Pharma, drops on market debut at the Hong Kong Stock Exchange (HKEx) Tuesday.

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.

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.