Chinese medical device maker MED EIBY files for $20M US IPO

Chinese medical device manufacturer and reseller MED EIBY Holdings (BSME) has filed to raise $20M through a US initial public offering.

MED EIBY said in a filing that it is planning to offer 4M ordinary shares priced at $5 per share. Underwriters would be granted a 45-day option to buy up to 600K additional shares.

The company hopes to list its shares on Nasdaq under the symbol BSME. Boustead Securities is serving as lead bookrunner.

Incorporated in the Cayman Islands, MED EIBY operates in China through a variable interest entity, or VIE, called Shenzhen Bestman and a wholly owned subsidiary, Nanjing Yonglei. The units also resell medical devices made by other manufacturers, according to its filing.

The company sells a wide range of medical products both in China and abroad, including fetal monitors, infrared thermometers and syringe destroyers, with the bulk of its revenue generated by international sales.

For more on MED EIBY, check out Donovan Jones's "MED EIBY Holdings Readies $20M US IPO Plan."