WORK Medical Technology Group, a Chinese manufacturer of disposable medical products, announced terms for its IPO on Friday.
The Hangzhou, China-based company plans to raise $14 million by offering 3 million shares at a price range of $4 to $5. At the midpoint of the proposed range, WORK Medical Technology Group would command a market value of $70 million.
Through its PRC subsidiaries, WORK Medical Technology develops, manufactures, and sells disposable medical products. Its portfolio currently consists of 20 medical products, including medical face masks, artery compression tourniquets, disposable breathing circuits, laryngeal mask airways, and endotracheal tubes. All of the devices are sold domestically, and 15 are sold internationally.
WORK Medical Technology Group was founded in 2002 and booked $20 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol WOK. Univest Securities is the sole bookrunner on the deal.
