MHUA - Meihua sees stock hit 52-week low shares trade 39% below IPO price

Chinese medical products company Meihua (MHUA) saw its stock hit a 52-week low early Monday, with shares trading 39% below the initial public offering price. Shares opened at $6.58 and plunged to a 52-week low of $6.12 in early trading before rebounding to last change hands at $6.43, down 4% from the previous session, at around 11:00 a.m. ET. Meihua held a downsized IPO on Feb. 16, with shares soaring during its first day of trading to close at $12.92, which would mark a 52-week high, after pricing at $10. The stock has declined steadily since. The maker of disposable medical devices and hospital supplies offered 3.6M shares at $10 per share, raising gross proceeds of $36M. The IPO was downsized from an earlier proposal. In February, Meihua had filed to offer 5M shares in the range of $9 to $11.

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Meihua sees stock hit 52-week low, shares trade 39% below IPO price