Jin Medical International, a Chinese wheelchair manufacturer, announced terms for its IPO on Friday.
The Changzhou, China-based company plans to raise $28 million by offering 5 million shares at a price range of $5 to $6. At the midpoint of the proposed range, Jin Medical International would command a fully diluted market value of $138 million.
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.
Jin Medical International 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 under the symbol ZJYL. Prime Number Capital is the sole bookrunner on the deal.
