China Kanghui, a Chinese maker of orthopaedic implants backed by US media company International Data Group’s local venture fund, IDG-Accel, raised about $68.4m in its New York flotation.
The company sold 6.7 million shares at $10.25 each compared to a pre-flotation range of $9.25 to $11.25
IDG-Accel owned 21.5% of Kanghui before the IPO, with VCs SIG China Investments (18.4%), TDF Capital (12.4%) and CDH Venture Capital (9%).
Kanghui has 98.8m shares and IDG-Accel was part of its first investment round in July 2006, when the company issued 13,173,160 series A shares for $5m.
Two years ago, Kanghui’s series B round raised $27.5m from selling 26.1 million shares, followed by a further $2m in April last year from 1.8 million shares.
Kanghui has used part of the venture funding to buy medical device maker Beijing Libeier for RMB182.7m ($26.7m).
Last year, Kanghui posted revenues of $27m, up by 32% from the year before.