Jin Medical International is a Chinese wheelchair manufacturer based in Changzhou, China.

The company has revised the terms of its upcoming initial public offering (IPO) and now plans to raise $11 million by offering 1.3 million shares at a price range of $8 to $9.

 Previously, the company had set terms to offer 2.3 million shares at the same price range in November 2021 and had originally planned to raise $28 million at a market cap of $138 million in December 2021.

 The revised deal size represents a 44% reduction in proceeds compared to the previous plan, and Jin Medical International will have a market value of $68 million, which is 11% lower than the most recent terms.

Jin Medical operates through its VIE Changzhou Zhongjing entity and designs and manufactures wheelchairs and living aid products such as oxygen concentrators and bathing machines.

 Most of the company's products are sold to dealers in Japan and China, but a small number are also sold to other countries including the US, Canada, Australia, and Singapore. Its living aid products are only sold to a few selected customers.

 Jin Medical was founded in 2006 and generated $21 million in sales for the 12 months ending March 31, 2022.

 The company plans to list on the Nasdaq under the symbol ZJYL, and Prime Number Capital is the sole bookrunner for the deal.

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