Mindray Medical files for $276 million IPO

By Jennifer Chiou

New York, Sept 6 - Mindray Medical International Ltd. filed for an estimated $276 million initial public offering of American Depositary Shares representing class A shares in an F-1 registration with the Securities and Exchange Commission.

The Shenzhen, China-based company is focused on developing and marketing medical devices.

The company has more than 40 products across three primary business segments: patient monitoring devices, diagnostic laboratory instruments and ultrasound imaging systems.

Offering proceeds will be used in part to build a new headquarters building and expand the company's manufacturing, assembly and warehouse facilities as well as general corporate purposes.

Mindray Medical said it had a RMB220.519 million operating income on revenues of RMB1,078,573,000 for 2005, compared with an operating income of RMB192.703 million on revenues of $697.837 million for the same period in 2004.

Currently co-chief executive officer Xu Hang is the largest shareholder with 24.73% of the equity followed by co-CEO Li Xiting at 21.57% and director Andrew Wolff and The GS Funds at 9.64%.

The company has applied to list its ADSs on the New York Stock Exchange under the symbol "MR."

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