EQT-Backed Laobaixing Pharmacy Completes $163M IPO

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Changsha city-based Laobaixing Pharmacy Chain, backed by EQT Partners, has completed an initial public offering in Shanghai, raising a total of RMB1.01 billion (US$163 million), according to a regulatory filing.

Laobaixing Pharmacy sold 67 million new shares at RMB16.41 apiece, in a delayed IPO that was originally planned for 2012.

In 2008, EQT Greater China II acquired 48% of Laobaixing Pharmacy for an undisclosed amount, becoming the single largest shareholder of the Chinese pharmacy retail chain. 

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Nina Xiang is the co-founder and managing editor overseeing editorial content and product development at CMN. Before founding CMN in 2011, Nina worked at BusinessWeek magazine in Beijing and Institutional Investor magazine in New York, writing about business and financial services. While in New York, she also served as part-time correspondent for Shanghai's financial television channel, China Business Network, as well as China Radio International, China's national English-language radio network.