MicroTech Medical, a China-based medical device manufacturer backed by pharmaceutical firm Eli Lilly, insurer Taikang and internet group Tencent, has filed to list on the Hong Kong Stock Exchange.
The initial public offering is set to take place on October 19 and will involve the company issuing up to 63.5 million shares priced between HK$27.70 and HK$31.15 ($3.56-$4.00) each, which would enable it to raise up to $254m.
Founded in 2011, MicroTech is developing electronic equipment designed for use in diabetes treatments such as insulin injections, continuous glucose monitoring (CGM) systems and point-of-care tests.
The IPO proceeds will go towards conducting research and development and improving the CGM products. Goldman Sachs and China International Capital Corporation (CICC) Hong Kong Securities are joint sponsors for the offering.
The company has secured almost $154m in total funding, having most recently completed a $88m series D round in December 2020 co-led by Tencent with Taikang’s Beijing Taikang Investment Management (Taikang Qianzhen) unit and venture capital firm IDG Capital.
The series D round included Lilly Asia Ventures (LAV) and CICC Pucheng, respective subsidiaries of Eli Lilly and CICC Capital, in addition to PE China Everbright, 3H Health, Qiming Venture Partners, CD Capital and Shanghai Guofang FOF Fund.
MicroTech had previously completed a $19.7m series C round in 2018 featuring Jiangsu Jiequan Lize Health Industry Fund, Jiaxing Furui, Hangzhou Yunbo, Hangzhou Jiuge, Shanghai Guofang Master Fund Phase I and Phase II, Shanghai Tongfanghui and QM32.
Qiming Venture Partners led a $17.7m series B round for the company in 2017, investing alongside QM32, Hangzhou Zibo, Shenzhen Zijingang, Hangzhou Jiuyao, Hangzhou Jiufu, Hangzhou Chende, Power Sum and Hangzhou Haibang.
LAV had already taken part in MicroTech’s $4.7m series A round the previous year, which included China Health Industry Investment Fund, Shanghai Li’an and Shanghai Aijian.
