By Fineline Cube China-based JJET has received acceptance for its Initial Public Offering (IPO) filing on the Shanghai Stock Exchange’s Sci-Tech Innovation Board (STAR). The offering is anticipated to raise RMB 2.691 billion (USD 375.9 million), with the proceeds earmarked for the construction of the company’s medical device research and development and technology center, production base, marketing network, marketing capacity enhancement, and supplementary working capital.
JJET’s Background and Focus
Founded in 2002, JJET specializes in the research and development, manufacturing, and sales of high-end innovative medical devices for diagnosis and ablation in the field of cardiac electrophysiology. As of April 30, 2023, the company has secured 13 Category III and 4 Category II approvals, along with 3 CE marks. Over 20 products are in development, encompassing electrophysiological diagnosis and treatment equipment and consumables, as well as pain treatment equipment and consumables. JJET has launched the first domestically developed cardiac 3D mapping system and completed enrollment in the regulatory study for the LEAD-PFA pulse electric field ablation system.
Financial Performance and Fundraising History
JJET reported revenues of RMB 60.62 million in 2021 and RMB 59.16 million in 2022, alongside net losses of RMB 16.59 million and RMB 1.04 million, respectively. Prior to this IPO, JJET successfully raised RMB 700 million (USD 97.8 million) in a financing round, with support from investors such as Hillhouse Capital and Salubris.-Fineline Info & Tech