Anbio Biotechnology, a developer of in vitro diagnostics products, raised $8 million by offering 1.6 million shares at $5, the low end of the range of $5 to $6. The IPO float represents 3.6% of the total shares outstanding.
Anbio is headquartered in Frankfurt am Main, Germany, with subsidiaries in Hong Kong, France, Australia, and the US. The company develops in vitro diagnostics products for OTC, point-of-care settings, and laboratory applications. Its products are designed for an array of conditions, including infectious diseases, cancer, cardiovascular diseases, inflammation, drug abuse, endocrine disorders, renal disease, pharmacogenomics, and diabetes. During the first half of 2024, it generated 44% of revenue from respiratory diseases and COVID-19 related products, and 56% of revenue from non-COVID-19 related products. The majority of revenue was generated in the EU, followed by South America, APAC, and North America.
Anbio Biotechnology plans to list on the Nasdaq under the symbol NNNN. AC Sunshine Securities acted as lead underwriter on the deal.
