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Zhejiang SF Oilless Bearing Co Ltd is listed on the Growth Enterprise Market (GEM) at the Shenzhen Stock Exchange on Feb 18, making it the 58th company in Jiaxing, East China's Zhejiang province, to go public. [Photo/cnjxol.com]

Zhejiang SF Oilless Bearing Co Ltd was listed on the Growth Enterprise Market (GEM) at the Shenzhen Stock Exchange on Feb 18, making it the 58th company to go public in Jiaxing, East China's Zhejiang province.

The initial offering price for SF, stock code 300817, stood at 18.37 yuan ($2.62) per share and the company expected to raise around 386.87 million yuan.

The funds will be used to expand its production capacity and construct a research and development center, according to Zhou Yinchu, president of SF.

SF is the number one company in its field in China in terms of production scale and technological development.

Founded in 1988, SF is dedicated to developing, producing, and marketing self-lubricating bearings and composite materials, which are mainly used in spacecraft, vehicles, and construction machinery.

In recent years, Jiaxing has rolled out measures to encourage local companies to go public and help them obtain more capital and better resources.

One million yuan in awards will be given to companies that go public on the capital market, 500,000 yuan will be given to those that go public on the National Equities Exchange and Quotations, known as the "new three board", and an award of up to 300,000 yuan will be given to listed companies that perform share-holding reforms.