Aohua Endoscope, a China-based medical technology manufacturer backed by Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, has floated in a RMB750m ($118m) initial public offering.
The company issued just over 33.3 million shares on the Shanghai Stock Exchange’s Star market priced at RMB22.5m each.
Founded in 1994, Aohua develops and produces endoscopes which are used to view the body internally, in methods of healthcare such as gastroenterology, pneumology and gynaecology.
Legend Capital provided roughly $16m in series B funding for the company in 2014 and co-led a series C round sized at about $30m in 2016 that included Qiming Venture Partners and existing investor Cenova Capital.
Lyfe Capital subsequently led Aohua’s $43.7m series D round in 2018, investing alongside Legend Capital and Qiming Venture Partners.
Legend Capital managing director Joe Zhou said: “The soft endoscopes technique in Aohua Endoscopy enjoys significant barriers and sustainable market competitiveness. As recent years see rapid growth in overseas sales, Aohua Endoscopy has enriched its product line and expanded its business to consumables.
“It is believed that after listing, Aohua Endoscopy will further increase research and development investment and boost its global presence, becoming a world-class endoscope company.”
