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Zhejiang Rongtai Electric Material Co Ltd in Jiaxing goes public on the Shanghai Stock Exchange on Aug 1. [Photo/jiaxingren.com]

Zhejiang Rongtai Electric Material Co Ltd in Jiaxing was listed on the Shanghai Stock Exchange on Aug 1, bringing the total number of listed companies in the city to 84.

Its issue price was 15.32 yuan ($2.13) per share and 70 million shares were issued for the first time.

Zhejiang Rongtai is mainly involved in the research, development, production and sale of various types of high-temperature resistant insulating mica products. It is currently a first-tier supplier for well-known automobile manufacturers such as Tesla, Volkswagen, and BMW. Well-known home appliance companies such as Midea and Panasonic are also among its customers.

Zhejiang Rongtai had an operating income of approximately 360 million yuan in 2020, 520 million yuan in 2021 and 670 million yuan in 2022, while net profits attributable to owners of the parent company were approximately 30 million yuan in 2020, 100 million yuan in 2021 and 130 million yuan in 2022.

This initial public offering is expected to raise 880 million yuan for the company, A total of 680 million yuan of which will be invested in a project with an annual output of 2.4 million sets of safety parts for new energy vehicle and 200 million yuan of which will be used to supplement working capital.

After the project reaches full production capacity, it is expected to achieve annual sales revenue of 790 million yuan and an annual net profit of 180 million yuan.