(Bloomberg) -- MicroPort Scientific Corp. has selected Citigroup Inc. and JPMorgan Chase & Co. to arrange a separate listing of its heart valve replacement business in Hong Kong as soon as this year, said people familiar with the matter.
The company said in January it’s considering a possible spinoff of Shanghai MicroPort CardioFlow Medtech Co., which develops devices treating structural heart diseases, principally heart valve diseases. An initial public offering could raise about $200 million to $300 million, giving the business a valuation of about $1 billion, said the people, who asked not to be identified as the information is private.
A first-time share sale by MicroPort could come after Chinese biotech firm Innocare Pharma Ltd. raised $288 million in its Hong Kong IPO despite the worst stock market rout in more than 30 years. Shares of Innocare jumped as much as 16% on its Monday debut. The stock is trading on Wednesday at about 8% above its IPO price.
MicroPort CardioFlow Medtech, founded in 2015, aims to provide therapies for structural heart diseases, according to its website. Its area of focus involves transcatheter aortic valve replacement surgery, a minimally invasive procedure that implants an artificial valve without removing the old one.
Deliberations are ongoing and details of the share sale, including its timeline and size, could still change, the people said. Representatives for Citigroup and JPMorgan declined to comment, while a representative for MicroPort didn’t immediately respond to requests for comment.
For more articles like this, please visit us at bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2020 Bloomberg L.P.