Hefei Jianghang Aircraft Equipment, a China-based aircraft equipment manufacturer backed by aerospace conglomerate Aviation Industry Corporation, has raised $148m in an initial public offering on the Star Market, DealStreetAsia reported today.
The company priced shares at $1.48 each and will trade under the ticker symbol 688586.
Founded in 2007, Jianghang sells aircraft equipment such as oxygen systems, auxiliary fuel tanks and airborne tank inertia protection systems. Proceeds from the offering have been allocated to research and development, expanded manufacturing capacity and working capital.
Avic Capital, an investment subsidiary of Aviation Industry Corporation, contributed to a 2018 funding round alongside China Reform Financial Network, Beijing Haolan Xingyuan Investment and North Industries Group Investment Management.
China Zhongji Investment subsequently injected an undisclosed amount of series B capital in 2019. Further details about Jianghang’s funding could not be ascertained.
Zhonghang Jizai, another subsidiary of Aviation Industry Corporation, remains as the largest shareholder following the IPO with a 41% stake, while Avic Capital now owns 14.2%.
Jianghang’s other shareholders include China Reform Financial Network (6.2%) and Jiangxi Military Industry Holding (4.4%).
Citic Securities and Avic Securities are acting as underwriters for the offering.
– Image courtesy of Nathan Hobbs via Unsplash
