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Financings In Brief

This article was originally published in The Gray Sheet

Executive Summary

China Kanghui Holdings IPO: Chinese orthopedic implant maker goes public Aug. 10 through a $68.4 million initial public offering comprised of about 6.68 million American Depositary Shares (ADSs) priced at $10.25 each, including 5.34 million ADSs offered by the company and 1.34 million ADSs offered by selling shareholders. Based in Changzhou, the firm primarily offers trauma and spine orthopedic implants for use in China, reporting 2009 sales of $27 million, up 32% from the prior year. Estimated IPO proceeds to the company of about $47 million will be used for R&D, expanded manufacturing capacity, enhanced sales and marketing capabilities and "general corporate purposes," the firm says. "We believe we are well positioned to capitalize on the trend toward increasing usage of domestically produced implants in the Chinese orthopedic market," the company notes in its IPO prospectus. China's orthopedic implant market is expected to grow from about $900 million in 2009 to about $2.4 billion in 2015, at roughly 18% annually, according to the company. The ADSs trade on the New York Stock Exchange under the symbol "KH." Underwriters for the IPO included Morgan Stanley, Piper Jaffray, Cowen and Company, and Canaccord Genuity

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