China SXT Pharmaceuticals Inc., a traditional drugmaker operated by biotechnology company Jiangsu Suxuantang (SXT) Pharmaceutical Co. Ltd., has concluded with $10.2 million in a stock market listing.
China SXT, which booked revenue of $7 million for the year through March 2018, offered 2.5 million shares at $4 per share.
With the net proceeds, SXT will expand its manufacturing plant and recruit additional staff, as well as for general working capital and the research and development of new drugs.
U.S. investment banking and brokerage firm Boustead Securities LLC acted as the sole underwriter on the deal.