Shares of Insilico Medicine rose 24.7% in their Hong Kong stock market debut Tuesday, boosting its market cap to HK$16.7 billion ($2.1 billion).

The company, which has operations in China, the U.S., Canada and the Middle East, raised about HK$2.3 billion from the sale of 94.7 million shares.

The IPO has drawn cornerstone investors that includes U.S. pharmaceutical giant Eli Lilly, Chinese tech behemoth Tencent and Singapore sovereign wealth fund Temasek.

Insilico said it will use the proceeds to fund the research and development of its clinical-stage drug candidates, develop new generative AI models and expand its robotic laboratory.

“We want to be a massive source of innovative drugs for pharma companies,” says Alex Zhavoronkov, Insilico’s founder, chairman and co-CEO, in a video interview. “We also want to achieve superintelligence across our platforms, having the ability to perform every task in drug discovery better........

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