Universe Pharmaceuticals, a Chinese pharmaceutical specializing in traditional Chinese medicine derivatives, filed on Monday with the SEC to raise up to $30 million in an initial public offering.
The Jiangxi, China-based company plans to raise $30 million by offering 5 million shares at a price range of $5 to $7. At the midpoint of the proposed range, Universe Pharmaceuticals would command a market value of $126 million.
The company manufactures, markets, and distributes traditional Chinese medicine derivative (TCMD) products targeting the elderly. It currently produces 13 varieties of TCMD products, which are sold in approximately 249 cities and 30 provinces in China. In addition, through its subsidiary Universe Trade, the company also sells biomedical drugs, medical instruments, Traditional Chinese Medicine Pieces, and dietary supplements manufactured by third-party pharmaceutical companies.
Universe Pharmaceuticals was founded in 1998 and booked $31 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol UPC. Universe Pharmaceuticals filed confidentially on April 24, 2020. Univest Securities is the sole bookrunner on the deal.
The article Chinese medicine manufacturer Universe Pharmaceuticals files and sets terms for a $30 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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