Mirxes Holding Company has detailed its global offering and listing on the Main Board of the Hong Kong Stock Exchange.

The offering includes 46,620,000 shares, which consist of 4,662,000 shares for the Hong Kong public offer and 41,958,000 shares for the international offer, subject to reallocation.

The public offering in Hong Kong runs from May 15 to May 20, 2025.

Shares will start trading on May 23, 2025, under stock code 2629.

At HK$23.30 (US$2.98) per share, Mirxes expects to raise HK$880.5 million (US$112.7 million).

These funds will be allocated for research and development of its core product GASTROClear, development of other pipeline products, strengthening operational capabilities, and general corporate purposes.

🔗 Source: Mirxes

🧠 Food for thought

1️⃣ Biotech IPOs face a more selective environment in 2025

Mirxes’ IPO comes during a period of increased investor scrutiny for biotech companies, reflecting a shift from the exuberance of previous years.

The global biotech sector experienced a record fundraising year in 2018 with $8.2 billion raised across numerous IPOs, including Moderna’s landmark $604 million offering 1.

Today’s market shows greater selectivity, with investors now prioritizing companies demonstrating proven clinical data and clear paths to market, raising the bar for IPO valuations 2.

This transformation mirrors historical patterns in biotech investment cycles, where periods of enthusiasm are followed by more cautious assessment, as seen in the 1991-1994 window when nearly 100 biotech companies went public, though many later struggled to maintain their valuations 3.

Mirxes will need to effectively communicate its value proposition in this environment where, according to recent reports, many high-quality private companies are choosing to remain private longer due to favorable private capital access 2.

2️⃣ Gastric cancer diagnostics represents a growing market opportunity

Mirxes’ focus on GASTROClear™ for gastric cancer detection positions it in a diagnostics market projected to expand significantly in coming years.