IPO News | 'Medical Imaging R&D Company' Dexi-B Launches Bookbuilding, Aiming for Listing on March 30, Initial Subscription Amount HKD 5,681.73

Futu Information reported on March 20 $DIAGENS-B (02526.HK)$ An announcement was issued stating that the bookbuilding will take place from March 20 to March 25. The company plans to offer approximately 7,999,200 shares globally, with 799,950 shares for public offering, 7,199,250 shares for international placement, and a per-share issuance price ranging from HKD 95.6 to HKD 112.5. Each lot consists of 50 shares, with an anticipated listing date of March 30.

Company Overview

Dexi is a medical device company specializing in the development of medical imaging products and services. It has developed a diversified portfolio of products, including six medical imaging software products (one core product at the registration stage: AI AutoVision®, one commercialized product: AutoVision®, and four other pre-clinical medical imaging software candidates), three commercialized medical devices, four key reagents and consumables, and two technology-licensed products.

According to Frost & Sullivan, based on 2024 revenue, the company ranks first in China’s chromosome karyotype analysis sector with a market share of 30.6%. The company's leading position is built upon its excellent track record in research and development as well as commercialization, including the success of its proprietary computer-aided chromosome analysis software, AutoVision®.

The core technological advantage of the key product AI AutoVision® lies in the company’s self-developed iMedImage® medical imaging foundational model. As of the latest practicable date, it can effectively support 19 types of medical imaging modalities (such as chromosomes, CT, MRI, ultrasound, and pathology) and cover more than 90% of clinical medical imaging scenarios, including reproductive health, hematological malignancies, and other clinical applications.

Financial Overview

Dexi's revenue increased by 33.1% from RMB 52.8 million in 2023 to RMB 70.4 million in 2024, primarily due to income generated from technology licensing in 2024. In 2023 and 2024, as well as for the nine months ended September 30, 2024, and 2025, the company’s gross profits were RMB 37.5 million, RMB 46.1 million, RMB 8.4 million, and RMB 84.7 million, respectively. During the same periods, the company’s gross profit margins were 71.0%, 65.5%, 42.9%, and 75.9%, respectively.

Source: Prospectus

Use of Proceeds

Regarding the use of proceeds, Dexi expects to receive net proceeds of approximately HKD 763 million from the global offering (assuming the over-allotment option is not exercised and based on the mid-point offer price of HKD 104.1). According to the prospectus, Dexi intends to allocate the proceeds from the global offering for the following purposes:

Approximately 49% will be allocated to the research and development and commercialization of the company's core product, AI AutoVision®; about 10% will be allocated within three years post-listing to further the development of the company’s other medical imaging software candidates and medical devices; around 20% will be used to strengthen the company’s iMedImage® foundational model and AI technologies; about 8% will be allocated to enhance the company’s commercial capabilities and market penetration in China; roughly 5% will be used to expand the company’s business in global markets by hiring approximately two junior local sales representatives, eight mid-level local sales representatives, and nine senior local sales representatives; and about 8% will be allocated to seeking strategic cooperation and investment opportunities with upstream and downstream participants in the healthcare value chain.