Jin Medical International, a Chinese wheelchair manufacturer, revised the terms for its upcoming IPO on Thursday.
The Changzhou, China-based company now plans to raise $19 million by offering 2.3 million shares at a price range of $8 to $9. At the midpoint of the range, it would command a fully diluted market value of $77 million. The company had previously set IPO terms in December 2021, planning to raise $29 million at a market cap of $138 million. At the midpoint of the revised range, Jin Medical International will raise 30% less in proceeds at a 44% lower market cap compared to its previous IPO attempt.
While the amended filing indicates that Jin Medical plans to move forward with its US IPO, the company's latest financial results (March 31, 2022) will likely need to be updated; in addition, the Nasdaq's additional review process may slow the company's time to listing.
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 $21 million in sales for the 12 months ended March 31, 2022. It plans to list on the Nasdaq under the symbol ZJYL. Prime Number Capital is the sole bookrunner on the deal.
