China-based medical device manufacturer Well Lead Medical, backed by China-focused investment firm JD Capital, has completed an initial public offering (IPO) on the Shanghai Stock Exchange, raising RMB385 million (approximately US$61 million) by issuing 25 million new shares at RMB15.4 (US$2.5) apiece. JD Capital, which invested an undisclosed amount in the company in 2011, saw its eight percent stake diluted to six percent in the offering. No disposal of shares by JD Capital was disclosed.