BRIEF: Cofoe Medical launches $136 million IPO

Home care medical devices provider Cofoe Medical Technology Co. Ltd. (1187.HK) launched its IPO on Monday, offering 27 million shares at HK$39.33 each to raise about HK$1.06 billion ($136 million). Shares will be sold in lots of 100, requiring a minimum investment of HK$3,973. The subscription period closes on Thursday, with the stock slated to make its trading debut on May 6.

The maker of home medical devices boasts a product portfolio encompassing over 200 categories, including rehabilitation aids, medical care supplies, health monitoring devices, respiratory support equipment and traditional Chinese medicine physical therapy products.

Based on its 2024 domestic revenue, the company was the second-largest player in China’s home medical device market, capturing 2.1% of the market, according to third-party market data in its prospectus.

Cofoe recorded revenue of 3.39 billion yuan ($496 million) last year, up 13.6% year-on-year, while its profit climbed 18.6% to 370 million yuan. Its gross profit margin has climbed steadily over the last three years from 43% in 2023 to 55% last year.

By Lau Chi Hang

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