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Chongqing Pharscin Pharmaceutical aims for 181.5M yuan in IPO

Chongqing Pharscin Pharmaceutical Co. Ltd. is looking to raise up to 181.5 million Chinese yuan through its IPO on the Shenzhen Stock Exchange.

The Chinese drug manufacturer is offering no more than 40 million ordinary shares, priced at 4.53 yuan per share.

According to its prospectus, the company plans to use funds raised to construct a new manufacturing facility compliant with good manufacturing practice standards.

Chongqing Pharscin engages in the research and development, manufacturing, and the sale of both traditional Chinese medicines and chemical drugs, with a particular focus on treating diseases that affect the digestive system; nervous system; and ear, nose and throat.

J.P. Morgan First Capital Securities Co. Ltd. is acting as the sponsor and lead underwriter for the offering.

As of Oct. 10, US$1 was equivalent to 6.59 Chinese yuan.