China-based tyre manufacturer Shandong Linglong Tyre Co raised approximately RMB2.6bn ($390m) yesterday when it floated on the Shanghai Stock Exchange, giving an exit to conglomerate Legend Holdings, China Money Network has reported.
Founded in 1975, Linglong Tyre manufactures a range of tyres, exporting them to around 180 countries. Legend subsidiaries Legend Capital and Hony Capital were among the investors in a $15m round for the company in 2010.
Linglong Tyre issued 200 million shares priced at RMB12.98 each, having initially filed for an initial public offering in May 2014.
The waiting list for Chinese IPOs numbers almost 900 companies, partly because Chinese regulators called a moratorium on flotations last year to stabilise the stock market, the Wall Street Journal reported this week.
The company posted a net profit of RMB677m in 2015 from RMB8.7bn in revenue, according to the IPO filing.