HANGZHOU Tigermed Consulting Co. plans to raise up to US$1.38 billion in its Hong Kong listing, which could make the Shenzhen-listed clinical trial and research firm the largest health care transaction in Asia this year, according to a term sheet.

Tigermed is the largest clinical research trial provider on the mainland and will start trading on the Hong Kong stock exchange Aug. 7.

The bookbuild started earlier yesterday and the share price is scheduled to be set Friday, the term sheet showed.

Each Tigermed stock could be priced between HK$88 (US$11.35) and HK$100 and the company will sell 107.06 million shares in the deal, according to the term sheet.

At the price range, Tigermed will raise US$1.21 billion to US$1.38 billion and the shares sold represent 12.5 percent of the company.

The transaction does not have cornerstone investors, which is unusual for a Hong Kong deal, according to the term sheet.

The firm is confident the deal would succeed without having major investors lined up before the launch, a source with direct knowledge of the matter said.

The size of the deal can be increased by exercising a so-called green shoe to sell extra shares that could raise up to US$1.58 billion. (SD-Agencies)