Meihua Becomes China’s First U.S. IPO Since Didi Crackdown
- Medical device firm raises $36 million in downsized IPO
- Mainland companies were frozen out of U.S. IPOs since July
This article is for subscribers only.
Medical device maker Meihua International Medical Technologies Co. priced its initial public offering at the mid-point of a marketed range, the first China-based company to list in the U.S. since July after Didi Global Inc.’s IPO sparked a regulatory backlash.
Meihua sold 3.6 million shares, fewer than it had originally proposed, for $10 each on Wednesday to raise $36 million, according to a statement. It had marketed as many as 5 million shares for $9 to $11. At the IPO price, Meihua would have a market value of $236 million based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.