(Bloomberg) -- Medical device maker Meihua International Medical Technologies Co. priced its initial public offering at the mid-point of a marketed range, the first China-based company to list in the U.S. since July after Didi Global Inc.’s IPO sparked a regulatory backlash.
Meihua sold 3.6 million shares, fewer than it had originally proposed, for $10 each on Wednesday to raise $36 million, according to a statement. It had marketed as many as 5 million shares for $9 to $11. At the IPO price, Meihua would have a market value of $236 million based on the outstanding shares listed in its filings with the U.S. Securities and Exchange Commission.
A successful share sale by the medical device maker would break the impasse for Chinese companies seeking to go public in the U.S. Ride-hailing service Didi -- over the objections of regulators in China -- raised $4.44 billion in an IPO in June. Regulators in China announced a cybersecurity probe into the firm and banned it from adding new customers, marking the beginning of a broader crackdown that wiped more than $1 trillion in value from U.S.-listed Chinese stocks.
Since then, Beijing unveiled sweeping new rules tightening scrutiny over firms listing abroad in an attempt to prevent the leakage of sensitive data. Scores of mainland peers rerouted their planned IPOs to Hong Kong after the SEC halted listings by Chinese companies. One small Chinese firm that debuted in early July and four Hong Kong-based special purpose acquisition companies have been the only successful U.S. listings since Didi, data compiled by Bloomberg show.
Didi, whose shares closed Tuesday at 69% below its IPO price, has said it plans to delist from the New York Stock Exchange and pursue a listing in Hong Kong.
Meihua, which filed originally with the SEC in August, later revised its filings to include warnings that the Chinese government might exert more oversight of international offerings.
The company’s offering is being led by Prime Number Capital LLC, Shengang Securities Co., Revere Securities LLC and R.F. Lafferty & Co., according to the filing. Meihua’s shares are expected to begin trading Wednesday on the Nasdaq Global Market under the symbol MHUA.
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