Chinese disposable medical devices manufacturer Meihua International Medical Technologies Co. (Nasdaq: MHUA) announced on Wednesday the pricing of its initial public offering on the Nasdaq Global Market. The company went public on the US-based big board on Wednesday.
The offering consists of 3,600,000 common shares, down from the original 5,000,000 shares, at US$10.00 per share for potential total aggregate proceeds of US$36.0 million. The firm also gave the underwriters the 60-day option to purchase additional 540,000 common shares at the same share price.
The proceeds are intended to be used for constructing a new factory, purchasing production lines and adding anti-pandemic production line, acquiring local manufacturers, research and development, improving internal control system, adding and improving manufacturing equipment, and working capital.
The initial public offering is expected to close on February 18, 2022, subject to customary closing conditions.
Prime Number Capital acts as representative of the underwriters.
The Chinese firm manufactures Class I disposable medical devices like eye drops and medicine bottles, as well as Class II and III devices like masks, gynecological examination kits, inspection kits, and surgical kits.
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