Before $9 Million U.S. IPO, Chinese Medical Product Manufacturer WORK Medical Technology Reduces Deal Size by 33%


Before $9 Million U.S. IPO, Chinese Medical Product Manufacturer WORK Medical Technology Reduces Deal Size by 33%

WORK Medical Technology Group, a Chinese manufacturer of disposable medical products, has decided to lower the proposed deal size for its upcoming IPO. The Hangzhou, China-based company now plans to raise $9 million by offering 2 million shares at a price range of $4 to $5. This is a decrease from its previous filing, which had indicated an offering of 3 million shares at the same range. At the midpoint of the new offering, WORK Medical Technology Group will raise 33% less in proceeds than originally anticipated.

The company, through its PRC subsidiaries, focuses on developing, manufacturing, and selling disposable medical products. Currently, its portfolio consists of 21 medical products, which include items like medical face masks, artery compression tourniquets, disposable breathing circuits, laryngeal mask airways, and endotracheal tubes. While all of these devices are sold domestically, 15 of them are also sold internationally.

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

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