Tianjin Ruixin Technology, a China-based aluminium product maker backed by automotive manufacturer BAIC, has floated in a RMB338m ($47.8m) initial public offering, DealStreetAsia reported yesterday.
The company issued almost 25.6 million shares on the Shenzhen Stock Exchange’s ChiNext board late last week priced at RMB12.26 each. They opened at RMB14.71 on their first day of trading and closed at RMB19.42 earlier today.
Founded in 2014, Ruixin produces, sells and exports precision aluminium alloy-based products such as heatsinks, fluid control parts and components for apparatus such as medical equipment or automotive safety systems.
The IPO proceeds have been earmarked for the bolstering of activities at a subsidiary Ruixin operates in the city of Changshu, in the Chinese province of Jiangsu. Guosen Securities was lead underwriter for the offering.
The company has not disclosed firm details of its financing but, according to DealStreetAsia, its investors include BAIC subsidiary BAIC Capital, asset management group Industrial Securities and investment bank GS Capital.
Image courtesy of Tianjin Ruixin Technology Co., Ltd.
