It’s back on in Hong Kong. After abandoning plans for IPO in Hong Kong last year in favour of the bright lights of Shanghai’s Nasdaq-style STAR Market, Venus Medtech has now filed once again for an IPO in Hong Kong.
The Hangzhou-based, transcatheter heart valve company has an almost 80% market share and a comprehensive product pipeline covering all four heart valves, as well as a robust intellectual property portfolio with 177 issued patents and 202 patent applications.
For the first five months of this year Venus Medtech posted a loss of Rmb138.4m (US$19.7m) on revenues of Rmb86.2m. In 2018 it had a loss of Rmb300.5m on revenues of Rmb115.3m.
Funds raised will be used to commercialise and launch new products.
The company has raised US$62m in four rounds of funding since 2013, according to Crunchbase.
Joint sponsors are Goldman Sachs (which led the firm’s venture round in March 2016), CICC, Credit Suisse and CMS.