Chinese medical device company Bestman Precision Instruments (BSME.US) has withdrawn its initial public offering plan.

The company had filed for an IPO in February 2023, aiming to raise $20 million by offering 4 million shares at a price range of $4 to $6 per share.

Had it priced at the midpoint of that range, the company's market capitalization would have reached approximately $95 million.

The Shenzhen-based firm was established in 2001.

For the twelve-month period ending June 30, 2024, the company reported book revenue of $3 million.

It had intended to list on the Nasdaq exchange under the ticker symbol "BSME", with Benjamin Securities originally slated to be the sole book-running manager for the deal.