Chinese Medical Device Firm Bestman Precision Instruments Withdraws $20 Million U.S. IPO
Stock News
Jun 17
Chinese medical device company Bestman Precision Instruments (BSME.US) has withdrawn its initial public offering plan.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.
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