Chinese mainland biotech firm Argo Biopharmaceutical Co has picked banks for an initial public offering (IPO) in the Hong Kong Special Administrative Region that could raise a few hundred million dollars, according to people familiar with the matter.

The Apricot Capital-backed company is working with Bank of America Corp, China International Capital Corp, Jefferies Financial Group Inc and JPMorgan Chase & Co, the people said, asking not to be identified because the information isn’t public. It has filed confidentially for the IPO, they said, adding that details such as size and timing are still being discussed.

Argo Biopharma, Apricot Capital and CICC didn’t reply to requests for comment. Representatives for BofA, Jefferies and JPMorgan declined to comment.

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Argo Biopharma was founded in 2021 and develops siRNA therapies for cardiovascular, rare and metabolic diseases, as well as viral infections, among other conditions, its website shows.

The company closed a series A+ funding round of more than $40 million two years ago that was led by CS Capital and had Huagai Capital as a co-investor. Apricot Capital was its angel investor.

Argo Biopharma is looking to go public in Hong Kong as the city experiences a boom in share sales, which are set to hit a four-year high thanks to renewed investor interest in the market and mainland companies and policies.

Health care is particularly popular, with share sales in the sector raising almost $12 billion this year, the most since 2021, data compiled by Bloomberg show.

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IFR reported in August that Argo Biopharma was considering a Hong Kong IPO.