Universe Pharmaceuticals, a Chinese pharmaceutical specializing in traditional Chinese medicine derivatives, launched its IPO on Tuesday.
The Jiangxi, China-based company plans to raise $30 million by offering 5 million shares at a price range of $5 to $7. At the midpoint of the proposed range, Universe Pharmaceuticals would command a market value of $126 million.
The company manufactures, markets, and distributes traditional Chinese medicine derivative (TCMD) products targeting the elderly. It currently produces 13 varieties of TCMD products, which are sold in approximately 261 cities and 30 provinces in China. In addition, through its subsidiary Universe Trade, the company also sells biomedical drugs, medical instruments, Traditional Chinese Medicine Pieces, and dietary supplements manufactured by third-party pharmaceutical companies.
Universe Pharmaceuticals was founded in 1998 and booked $31 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq under the symbol UPC. Univest Securities is the sole bookrunner on the deal. It is expected to price during the week of March 15, 2021.
