IPO News | "Global Medical Device Provider" Medtronic starts book-building, plans to list on September 7, with a minimum lot subscription amount of HKD 1,557.55

Futu News, August 28, $MEDCAPTAIN (02041.HK)$ announced that the IPO will take place from August 28 to September 2. The company intends to offer approximately 38.9106 million shares globally and is expected to list on September 7.

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Company Overview

Medtronic is a global medical device provider capable of meeting clinical needs across a wide range of departments, wards, and clinics within healthcare institutions, as well as community health centers, testing facilities, and home care settings. The company's products have reached over 140 countries and regions worldwide. In China, its products have covered more than 6,000 hospitals, including approximately 90% of Grade A Tertiary Hospitals, spanning 31 provinces, municipalities, and autonomous regions.

Source: Prospectus

The company has established a global business footprint, with its medical device products distributed across the Asia-Pacific, Europe, the Middle East and Africa (EMEA), and the Americas. The company has strategically set up five R&D centers and six production centers in China and the UK. To enhance its international service capabilities, the company maintains local representative offices in strategic markets including the UK, the Netherlands, Belgium, Turkey, India, Thailand, Indonesia, Mexico, Brazil, and Colombia, ensuring timely and localized support for its global customer base.

Financial Overview

Mindray's revenue increased from RMB 1,313.3 million in 2023 to RMB 1,619.2 million in 2025, and rose from RMB 354.7 million for the three months ended March 31, 2025, to RMB 422.3 million for the three months ended March 31, 2026. The company's gross profit margin improved from 49.6% in 2023 to 53.7% in 2025, and further improved to 54.3% for the three months ended March 31, 2026, reflecting an optimized product mix and enhanced economies of scale.

Source: Prospectus

Use of Proceeds

Regarding the use of proceeds, Mindray expects net proceeds from the global offering to be approximately HK$ 496 million (calculated at an offer price of HK$ 15.42, assuming the over-allotment option is not exercised). According to the prospectus, Mindray intends to allocate the funds raised from the global offering for the following purposes:

Approximately 35% will be used for ongoing and planned R&D to further enrich the company's product pipeline and build a competitive product portfolio from 2026 to 2028; approximately 20% will be used to develop the company's manufacturing centers and expand production capacity; approximately 20% will be used to further enhance the company's sales and marketing capabilities; approximately 10% will be allocated for potential strategic investments and acquisitions globally; approximately 5% will be used to upgrade the company's IT infrastructure and digital platforms; and approximately 10% will be used for working capital and other general corporate purposes.