China’s biggest aerial work platform manufacturer Zhejiang Dingli Machinery has successfully launched its Initial Public Offering on the Shanghai Stock Exchange Main Board.
Dingli was among 24 companies cleared for stock market flotation this month and one of 12 companies to list on the Main Board. The company offered 16.5 million shares, representing 25% of the company’s equity. The shares were priced at 29.56RMB ($4.70) at launch, raising RMB 487.7 million ($78.7 million) and valuing the company at almost RMB 2 billion ($315 million).
The share offering was fully subscribed and has continued to climb in the days since the launch within the limitations allowed by the Chinese government for new issues, said Dingli.
The launch was celebrated with an official signing ceremony at the stock exchange last week, followed by the stock code opening ceremony. The code is 603338 on the Shanghai Main Board.