China-based scientific equipment producer Shenzhen Yanmade Technology has filed for a RMB706m ($98.8m) initial public offering that will enable Legend Capital, the venture capital firm formed by conglomerate Legend Holdings, to exit.
The company intends to issue up to 35.9 million shares on the Shanghai Stock Exchange’s Star Market priced at up to RMB19.68 each, according to DealStreetAsia. The lead underwriter on the offering is Huatai United Securities.
Founded in 2012, Yanmade provides testing equipment that uses technologies such as artificial intelligence, computer vision and image processing to assess malfunctions in flexible printed circuits and manufacturing automation.
The company generated a profit of about $12.7m in 2019 from $37.8m in revenue, and has not disclosed details of its pre-IPO funding. The IPO proceeds will support technology development and the construction of a research and development hub.
