Shanghai-based drug developer Zai Lab shares surged $9.93 (55%) to $27.93 on its first day of trading. Through an initial public offering on Nasdaq, the company issued 8.3m American Depository Shares (ADS) at $18 each to raise $150m. Reflecting the strong interest in Chinese drug development, the offering was increased from the previously planned $100m offering.
Zai Lab Soars On Nasdaq Debut
Shanghai-based drug developer Zai Lab shares jumped on its first day of public trading, reflecting the strong interest in drug development in China.
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