JD-backed China Well Lead raises $61m in Shanghai IPO
Well Lead Medical, a Chinese medical devices manufacturer backed by JD Capital, has raised RMB385 million ($61 million) through an IPO in Shanghai.
According to a filing, Well Lead issued 25 million new shares at RMB15.4 apiece.
The Guangzhou province-based company was founded in 2004. It manufactures medical catheters used in anesthesia, respiratory and urology treatments, supplying hospitals and clinics.
AVCJ Research records show JD Capital and Zhejiang Ti Capital invested RMB52.5 million for a 12.5% stake in Well Lead in 2011. JD made the investment through Jiuding Medical Fund, a RMB525 million pharmaceutical-focused vehicle that closed in 2010.
Post-IPO, JD's stake in Well Lead will be 6-8% on a diluted-basis.
The China-focused GP launched three renminbi-denominated funds to invest in the medical and energy sectors last July. In November, it bought a 60% stake in Baoding Zhong Yao, a traditional Chinese medicine (TCM) manufacturer.
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