Chinese wheelchair maker Jin Medical International (NASDAQ:ZJYL) raised $8M through a downsized US initial public offering early Tuesday.
Jin offered 1M shares priced at $8 per share. Underwriters were granted a 45-day option to buy up to 150K additional shares. Prime Number Capital is serving as sole bookrunner.
Last week, Jin said in a filing that it was looking to offer 1.3M shares priced between $8 and $9, which would have raised around $11M.
The IPO was significantly downsized from a proposal made in April that indicated the company was seeking to raise $28M.
Incorporated in the Cayman Islands, Jin Medical operates through a variable interest entity in China. The company sells wheelchairs and medical equipment for the disabled, elderly and patients recovering from injuries. Most of the company’s sales are in Japan and China.
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News: China’s Jin Medical discloses more details about planned $28M US IPO