By Stephen Nakrosis
Work Medical Technology Group said it planned to size its upcoming initial public offering at 3 million shares, with an expected price range of $4 to $5 per share.
The Cayman Islands-based holding company said it operates through Work (Hangzhou) Medical Treatment Equipment and its subsidiaries to supply medical devices in China. The company said it develops, makes and sells Class I and Class II medical devices.
For its fiscal year ended Sept. 30, 2022, the company said it had about $19.7 million in revenue. For the fiscal year ended Sept. 30, 2021, the company had about $45.8 million in revenue, it said. “The decrease was mainly due to the decline in demand and unit price of masks and medical devices other than masks, and was offset by the increase of commodity trading,” Work Medical said.
LWY Group, HJZ Group, Sanyou No. 1 Group and JPY Group are listed among the company’s principal shareholders.
The company said it applied to list on the Nasdaq Capital Market under the symbol WOK.
Univest Securities is listed as the offering’s underwriter.
Write to Stephen Nakrosis at [email protected]
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