SHANGHAI :United Imaging Healthcare Co's shares surged as much as 75 per cent in their Shanghai debut on Monday following the Chinese firm's $1.6 billion initial public offering , the biggest on China's tech-focused STAR Market so far this year.
The surge came after strong demand from investors during the share sale - tranches reserved for retail investors were oversubscribed by a factor of more than 3,500. The medical technology company, which competes with healthcare divisions of General Electric Co, Siemens AG and Philips NV, has seen demand for its scanning and imaging devices benefited from coronavirus outbreaks in China.
The stock was priced at 78 times earnings in the sale, more than double the industry's average multiple of 35.
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