China NT Pharma and Hilong raise a combined $342 million

China NT Pharma Group raised HK$1.62 billion $208 million in a Hong Kong IPO last week, while Hilong Holdings pocketed HK$1.04 billion $134 million after a failed first attempt.

Both companies priced their shares at a discount to industrial peers. NT Pharma, a Shanghai-based supply chain and sales service provider for vaccines, sold 357 million shares at HK$4.54 each, the bottom end of an indicated price range that went up to HK$6. The final price translated into a price-to-earnings PE ratio of 16.4 times, based on the company’s 2011 projected earnings. That is a deep discount to its close competitor China Medical System...