YUKAI Health Group, which provides medical equipment maintenance services to hospitals in China, filed on Friday with the SEC to raise up to $20 million in an initial public offering.
The Fuzhou, China-based company plans to raise $20 million by offering 4 million shares at a price range of $4 to $6. At the midpoint of the proposed range, YUKAI Health Group would command a market cap of $80 million.
YUKAI Health operates in the outsourced medical equipment maintenance market, providing maintenance services as well as medical device sales. It primarily serves hospitals across China's Fujian province and obtains customers through a public bidding process. The company also provides maintenance services through business partners. As of December 31, 2021, YUKAI Health had 19 customers.
YUKAI Health was founded in 2005 and booked $10 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq, although has not yet chosen a symbol (RC Ticker: YKAI.RC). Univest Securities is the sole bookrunner on the deal.
