Google-backed AI drug discovery company XtalPi, also known as QuantumPharm, debuted on the Hong Kong stock exchange with its shares priced at HKD 5.28 (USD 0.68) per share. The funding, which raised HKD 989.3 million (USD 126.8 million), places XtalPi as Hong Kong's third-largest IPO of the year at a market capitalization of USD 2.5 billion, according to Forbes.

The company has not disclosed the intended use of the procured funds. 

Analyst QuickTake: The public listing has been in the cards for XtalPi for quite a while, prompting it to raise a whopping USD 400 million in Series D funding in August 2021 . Having initially planned to go public in the US in May 2021, the company shifted plans to list on the Hong Kong stock market and filed for an IPO in December 2023 , owing to a new rule introduced in March 2023 that allowed "specialist technology companies” to get listed. Notably, fellow Chinese AI drug discovery company Hong Kong-based Insilico Medicine also filed for an IPO on the Hong Kong stock market in June 2023; however, XtalPi beat Insilico to it, as the latter had to submit an updated prospectus in April 2024.