Innovita Biological Technology Co., Ltd, a Beijing-based point-of-care testing (POCT) specialist, is set to make an initial public offering (IPO) of 34.02 million shares on Shanghai’s Sci-Tech Innovation Board (STAR). The shares are priced at RMB 26.06 (USD 3.86) each, with the listing expected to raise RMB 887 million (USD 131.3 million).
Company Profile
Innovita’s products offer low cost, convenient operation, fast inspection, and minimal requirements for supporting instruments and operators compared to traditional lab testing products. The company specializes in respiratory pathogen detection and multi-pathogen combined testing, focusing on children’s emergency clinical testing. Its portfolio also includes prenatal/postnatal care, digestive tract, hepatitis, and other testing fields.
COVID-19 Product Sales
In 2020, Innovita’s COVID-19 detection products generated RMB 917 million (USD 135.7 million) in sales, accounting for 88.42% of its main business revenues. However, sales dropped to RMB 157 million (USD 23.2 million) in 2021, down 83.39% year-on-year. The company’s novel coronavirus IgM/IgG antibody detection kit received market approval in China in 2020.-Fineline Info & Tech
