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Tuesday, September 12, 2006

Mindray Medical Sets IPO Terms

Mindray Medical International filed last week for a US IPO and has set the terms just yesterday. Mindray is a Chinese maker of medical devices such as patient monitors, lab instruments, ultrasound systems, anesthesia machines, and it even has a veterinary arm.

Goldman Sachs (Asia) LLC and UBS Investment Bank are the lead underwriters and the stock will trade under the ticker "MR." Co-managers are listed as CIBC World markets, J.P.Morgan, Piper Jaffray, and First Shanghai Capital.

The original filing said up to $276 million in securities sales, and the company has now set 20 million ADS shares to be sold in a $10.00 to $12.00 range.

The company is profitable with an operating history, and it should have a market cap of around $625 million or more. Since this company has set the terms in such a rapid timing after the filing, you can probably expect an IPO in short order.

Jon C. Ogg
September 12, 2006

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