Price of Eyebright, the First Star Market-listed Ophthalmic Device, Rises over 500% on IPO
COVID-19 and China
Contact lenses are increasingly popular. Image credit: Hubble/Unsplash

The ophthalmic device maker hit the SSE Star Market at an issuing price of CNY 33.55. The market later fired the share price to a high point of CNY 233.55, an over 500% increase within the IPO day.

The company plans to use the public fundraising to develop advanced ophthalmic equipment and lenses and expand its capabilities to produce complementary products.

The Beijing-based startup focuses on developing high-value medical equipment in two primary areas: ophthalmologic surgeries and vision care. It established the optometry product line in 2019 and obtained a total of up to CNY 195 million revenue that year, an 160.9% increase from CNY 74.74 million in 2017.

The COVID-19 pandemic has caused a negative impact on the company's business. Since February 2020, most hospitals and clinics gradually suspended ophthalmic surgeries. Eyebright's major competitor Aier Eye Hospital (300015:SZ) experienced a slump amid the outbreak and now is bouncing to a higher per-share price level. As the tension loosens, the company sees a recovery in order and expects to reach the same level as 2019 Q2.

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