Jin Medical International, a Chinese wheelchair manufacturer, raised $8 million by offering 1 million shares at $8, the low end of the range of $8 to $9. The company offered 0.3 million fewer shares than anticipated. It originally set IPO terms in December 2021, planning to raise $29 million, but had downwardly revised the terms twice since then.
Operating through its VIE Changzhou Zhongjing, the company designs and manufactures wheelchairs and living aid products, such as oxygen concentrators and bathing machines. 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 plans to list on the Nasdaq under the symbol ZJYL. Prime Number Capital acted as sole bookrunner on the deal.
