Mindray to IPO on ChiNext board eyeing RMB 5.75b



China-based medical device champion Shenzhen Mindray Bio-Medical Electronics Co., Ltd, issued an initial public offering (IPO) prospectus, and will issue 1.215 million ordinary shares to the Shenzhen Stock Exchange ChiNext board on September 27, 2018. The takings are expected to top RMB 5.75 billion (around USD 840 million) albeit the issue price has yet to be disclosed. Proceeds will go towards seven pipeline projects, including expansion of the firm's Shenzhen-based Guangming facility. Mindray previously listed on the New York stock exchange in 2006, but went private in a management buyout for USD 3.3 billion in 2016.

According to the document, the company had over RMB 14.438 billion in total assets, and generated RMB 11.174 billion in operating income and RMB 2.601 billion in annual net profits by end-2017. In the first half of 2018, the company's operating income was RMB 6.8 billion, an increase of 55.25% over the same period of the previous year. The firm’s key businesses include in vitro diagnostics and medical imaging products, while it is among the few truly multinational domestic life sciences firms, with operations extending into North America, Europe, Asia, Africa, and South America, via 40 overseas units and 17 domestic subsidiaries alongside over 40 affiliates. In the domestic market, Mindray’s high-end monitors hold a market share of 49%, while other core products include blood cell analyzers, and color ultrasound devices that match global counterparts, citing GBI SOURCE.
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