BRIEF: Star Sports Medicine launches $97 million Hong Kong IPO
Medical device maker Star Sports Medicine Co. Ltd. (1609.HK) on Friday launched its Hong Kong IPO, aiming to raise HK$758 million ($96.8 million) by selling 8.4 million shares for HK$98.50 each. Applications for shares will close on April 29, with the stock set to make its trading debut on May 5.
The company will have share capital of 54.8 million H-shares after the listing, giving it a market cap of about HK$5.4 billion. Four cornerstone investors have agreed to buy 34.7% of the shares being sold.
Founded in 2017, Star Sports makes and sells medical implants and surgical equipment used in sports medicine. The company’s revenue rose 23% last year to 403 million yuan ($59 million) from 327 million yuan in 2024, while its profit over that period rose 44% to 137 million yuan from 95.4 million yuan.
The company plans to use 30% of its IPO proceeds to expand its production capacity, while another 35% will go to product development. Another 25% will go to sales and marketing, with the remaining 10% earmarked for working capital.
By Doug Young
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