Jin Medical International, a Chinese wheelchair manufacturer, filed on Friday with the SEC to raise up to $33 million in an initial public offering.
Operating through its VIE Changzhou Zhongjing, the company designs and manufactures wheelchairs and living aid products, such as oxygen concentrators and bathing machines. Its wheelchairs currently for sale are primarily manual wheelchairs, and it just began selling electric wheelchairs in 2018. Most of the company's products are sold to dealers in Japan and China, though a small number are sold to the US, Canada, Australia, Korea, Israel, Singapore, and others. Its living aid products are currently only sold to a few selected customers.
The Changzhou, China-based company was founded in 2006 and booked $18 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq but has not selected a symbol yet (RC ticker: JNMI.RC). Jin Medical International filed confidentially on December 28, 2020. Prime Number Capital is the sole bookrunner on the deal. No pricing terms were disclosed.
