BRIEF: TaiMed to raise up to HK$290 million in Hong Kong IPO

Medical services provider Zhejiang Taimei Medical Technology Co. Ltd. (2576.HK) on Friday officially launched its public offering of 22.4 million shares, of which 2.24 million will be offered to locally based investors in Hong Kong at a price of HK$10 to HK$13 per share. Shares will be available in lots of 200, with an admission fee of HK$2,626.

The public offering will close on Oct. 3, with final pricing to take place the next day and a trading debut set for Oct. 7. The listing could raise up to HK$290 million ($37 million) if the shares price at the top of their range.

Taimei reported revenue of 132 million yuan ($19 million) in this year’s first quarter, up 2.2% year-on-year, while its loss widened by 11.8% to 116 million yuan. Proceeds from the IPO will be used to optimize and upgrade the company’s platform and cloud-based software services, and to strengthen its core technology and R&D capabilities.

By Lau Chi Hang

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