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Exits, Private Equity

DT Capital-Backed Tiansheng Pharma Completes IPO With $986M Valuation

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Tiansheng Pharmaceutical Group Co., Ltd., a Chinese drug maker backed by local private equity firms DT Capital Partners and Leading Capital, has completed an initial public offering on the Shenzhen Stock Exchange today.

Tiansheng, which was listed on the Small and Medium Enterprise Board in Shenzhen, issued 53 million new shares at RMB22.37 apiece to raise RMB1.2 billion (US$174 million) in total. The company is valued at RMB6.8 billion (US$986 million) based on its highest trading price of RMB32.21, a near 44% hike from its IPO price.

The IPO paves the way for Tiansheng's venture and private equity investors to exit. DT Capital, a private equity firm focused on China's clean tech, manufacturing, retail and healthcare sectors, would record a 2.63 times return if it were to sell its shares today. Leading Capital, a Chinese private equity firm, would book 3.25 times return, according to calculations based on the company's IPO prospectus.

Founded in 2001, Chongqing-based Tiansheng is engaged in pharmaceutical manufacturing and circulation, Chinese herbal medicine planting and processing, drug research and development. The company recorded revenues of RMB1.66 billion, RMB1.84 billion and RMB2.09 billion from 2014 to 2016, respectively.

Last month, Shaanxi Kanghui Pharmaceutical Co., Ltd., also backed by DT Capital, completed a listing on the Shanghai Stock Exchange.





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