China’s tire maker Jiangsu General Science Technology went public on the Shanghai Stock Exchange in an 861 million yuan (€116 million) IPO on 19 Sept.
Its share price surged 43.9% to 7.08 yuan/share, compared to 4.92 yuan/share of initional public offering price.
Capital raised will be pumped into its TBR facility with 1 million unit annual capacity with €102 million investment planned – the second phase of a 2 million unit project – and a new research centre. Both will be constructed at the company’s base in Wuxi, Jiangsu.
The company could produce 3 million units of full-steel radial tires, 1.7 million units of diagonal tires, 200,000 units of diagonal industrial tires, 6 million units of motocycle tires and 5 million tons of tyre tube every year.
The company has several brands of tires, including Celimo tire, Chituma tire, Qima Tire,TBB tire etc..
