Eight Roads Ventures China’s portfolio Eyebright Medical Technology raised RMB 882 million (US$114 million) by offering 26.29 million common shares at RMB 33.55 per share in an initial public offering on the Shanghai Stock Exchange STAR Market. Share price gained more than 500% on the first trading day, reaching RMB 233.55 per share before mid-day.
The Beijing-based Med Tech company develops and manufactures medical products for ophthalmic diseases such as cataract, glaucoma and other refractive errors. Its main products address both ophthalmic surgery and optometry needs. With the IPO, it will expand its product pipelines, boost medical equipment researches and widen its marketing and information networks.
Eight Roads and F-Prime Capital invested in its Series B and Series D funding.
Rebecca Lin, Partner of Eight Roads Ventures China said, “We are very excited about the developments of Eyebright. The IPO marks an important milestone for the company – thanks to the leadership of the management team.”
“Ophthalmology is one of the areas Eight Roads has been focusing on and we have been supporting Eyebright since 2014. Today, the company is offering high-end medical solutions to millions of patients who suffer from cataract and other ophthalmic diseases. We are confident that the company will be a global leader in this field.”
Earlier this month, Eight Roads’ another portfolio company which provides ophthalmic therapy, OcuMension, was listed on the Hong Kong Stock Exchange.