Shijiazhuang Shangtai Technology is planning an initial public offering in Shenzhen, as a boom in the new energy vehicle industry drives demand for the Hebei-based company’s anode materials for lithium-ion batteries.
Shijiazhuang Central said in a filing to the Shenzhen Stock Exchange on Monday that it plans to raise 2.2 billion yuan ($316 million) in the IPO, selling 64.9 million shares at 3,388 yuan each. The company’s shares will be traded on Wednesday.
In the first nine months of this year, the company’s operating income more than doubled year-on-year to 3.54 billion yuan, and its net profit more than tripled.
Guosen Securities advised Shijiazhuang Central Technology on the proposed offering.
Write to Bingyan Wang: firstname.lastname@example.org