The British Virgin Islands-registered Dehaier Medical Systems filed for an initial public offering for selling 1.25-1.5 million shares at a price of US$7 to US$9 per share. Shares will be traded under the symbol DHRM.
The BVI company is focused on developing, manufacturing and selling home respiratory and oxygen products and other medical devices in China. It has a subsidiary in Hong Kong and is the owner of a majority stake in a China-based company Dehaier Medical Technology Co. Ltd.
From the initial public offering, Dehaier Medical Systems could raise US$10 million to US$12 million.
In the first nine months of 2009, Dehaier reported a profit of US2.1 million – compared to US$980,000 reported for 12 months of 2008. Also, for this period company revenue totaled US$9.4 million – almost the same amount as for the full year 2008.