• Fri. Apr 19th, 2024

Chinese medical product manufacturer WORK Medical Technology reduces deal size by 33% prior to $9 million American IPO.

BySamantha Johnson

Mar 20, 2024
Chinese medical product manufacturer WORK Medical Technology reduces deal size by 33% prior to $9 million American IPO.

WORK Medical Technology Group, a Chinese manufacturer of disposable medical products, has decided to lower the proposed deal size for its upcoming IPO. The company, based in Hangzhou, China, now aims to raise $9 million by offering 2 million shares at a price range of $4 to $5. This is a decrease from the initial plan to offer 3 million shares at the same price range. With this adjustment, WORK Medical Technology Group will raise 33% less in proceeds than originally anticipated.

Through its PRC subsidiaries, WORK Medical Technology Group specializes in the development, manufacturing, and sale of disposable medical products. The company’s portfolio includes 21 medical products such as medical face masks, artery compression tourniquets, disposable breathing circuits, laryngeal mask airways, and endotracheal tubes. These devices are both sold domestically and internationally, with 15 products being available for international purchase.

Established in 2002, WORK Medical Technology Group generated $14 million in revenue for the 12 months ended September 30, 2023. The company plans to list on the Nasdaq under the symbol WOK, with Univest Securities as the sole bookrunner for the deal.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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