WORK Medical Technology Group, a Chinese manufacturer of disposable medical products, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Hangzhou, China-based company now plans to raise $9 million by offering 2 million shares at a price range of $4 to $5. The company had previously filed to offer 3 million shares at the same range. At the midpoint, WORK Medical Technology Group will raise 33% less in proceeds than previously anticipated.
Through its PRC subsidiaries, WORK Medical Technology develops, manufactures, and sells disposable medical products. Its portfolio currently consists of 21 medical products, including medical face masks, artery compression tourniquets, disposable breathing circuits, laryngeal mask airways, and endotracheal tubes. All of the devices are sold domestically, and 15 are sold internationally.
WORK Medical Technology Group was founded in 2002 and booked $14 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol WOK. Univest Securities is the sole bookrunner on the deal.
