Hong Kong health service provider AVG.US submits application for IPO on US stock market, aiming to raise $20 million.

Hong Kong-based pain management and health services provider Functional Regeneration submitted its IPO application to the U.S. Securities and Exchange Commission (SEC) last Friday, planning to raise up to $20 million. The company plans to issue 5 million shares of stock at $4 per share, raising $20 million. At the proposed price, Functional Regeneration's market value will be $220 million. Under its ANKH brand, Functional Regeneration offers a wide range of non-surgical, non-invasive, and non-pharmacological pain management treatments and therapies, functional enhancement therapies, and health products. The company provides pain management and functional enhancement services through three service centers in Hong Kong. Functional Regeneration was founded in 2007, with revenue of $41 million for the 12-month period ending September 30, 2024. The company submitted its listing application in secret on June 21, 2024. D. Boral Capital is the sole bookrunner for the transaction.