3SBio Inc. (SSRX-NASDAQ) opened at a premium to its pricing out of the chute today. The company priced 7.7 million ADR shares at $16.00, and the first print was $17.50. The original range was $12.00 to $14.00 set last month, so this one may be greeted with some less optimism from IPO traders looking for undervalued and unknown stocks.
SSRX is a Chinese biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products primarily in China; main focal areas are anemia and platelet count. Underwriters were UBS as the sole book-runner and CIBC World markets and Pacific Growth Equities listed as co-managers. This $275 million implied market cap at the original terms is now closer to $370 million after the premium open. Jon C. Ogg, February 7, 2007