Anbio Biotechnology (NNNN)priced its IPO at $5.00 – the low end of its $5.00-to-$6.00 price range – and sold all 1.6 million Class A ordinary shares – the number in the prospectus – to raise $8.0 million on Tuesday night, Feb. 18, 2025. Shares of Anbio Biotechnology (NNNN) opened at $5.26 – up 26 cents from their IPO price – on NASDAQ at 11:35 a.m. EST today – Wednesday, Feb. 19, 2025 – on volume of 81,100 shares, according to NASDAQ. Anbio Biotechnology’s stock closed on Wednesday, Feb. 19, its first day of NASDAQ trading, at $5.77 – up 77 cents or 15.4 percent on volume of 2.04 million shares. The stock traded from an intraday low of $5.18 to a session high of $5.89 in its Feb. 19 debut on NASDAQ.
AC Sunshine Securities acted as the sole book-runner.
Anbio Biotechnology, based in Frankfurt, Germany, is a provider of in vitro diagnostic (IVD) products. In the prospectus, the company said that its “IVD products are designed to detect a wide range of biomarkers associated with critical medical domains. These domains encompass infectious diseases, cancer, cardiovascular diseases, inflammation, drug abuse, endocrine disorders, renal disease, pharmacogenomics, and diabetes.”
The company said its main sales revenue was from its SARS-CoV-2 and SARS-CoV-2/Flu A/Flu B Antigen Rapid Test Kit, under its Lateral Flow Immunoassay (LFIA) technology, which accounted for 44 percent of its $5.85 million in revenue for the six months that ended June 30, 2024. For that same period, the company said that 63 percent of its revenue was generated in the European Union “and we have significant customer concentration,” according to the prospectus.
Anbio Biotechnology intends to use about $2.5 million of the IPO’s proceeds to gain market share and penetration into the Asia Pacific (APAC) market, according to the prospectus. The company said it is “targeting major revenue-generating markets such as Singapore, Australia, Japan, Indonesia, India, Malaysia, and Hong Kong SAR.”
About $1.4 million of the IPO’s proceeds will be used for R&D (research and diagnostic) work, while the rest will be used for general corporate purposes.
After the IPO, Anbio Biotechnology will continue to be a “controlled” company with principal stockholders CVC Investment and Northwestern Investment each owning 50.0 million shares – or half – of the outstanding Class B stock, the prospectus said. Each share of Class B stock entitles the holder to 50 votes. In contrast, each share of Class A stock entitles the holder to one vote, the prospectus said.
The company is profitable, according to financial statements in the prospectus. Anbio Biotechnology Limited reported net income of $4.33 million on revenue of $9.53 million for the 12 months that ended June 30, 2024.
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