Xinxiang Richful Lube Additive launches IPO on ChiNext
Shares of Xinxiang Richful Lube Additive Co. (300910) started trading on the Shenzhen Stock Exchange (ChiNext) on November 27.
Xinxiang Richful Lube Additive Co., Ltd. principally engages in research and development, production and sale of fine chemical products such as lubricant additives and carbonless paper developer. Its lubricant additives include detergents, antioxidants, anti-corrosion additives, dispersants and compounding agents. The company distributes its products both in the domestic and export markets.
In 2019, its operating income reached CNY657 million (USD100 million) with a net profit of CNY98.363 million (USD15 million).
Its initial listing shares account for 25% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 47.43.
Xinxiang Richful Lube Additive offered 37.5 million shares to the public at CNY30.26 (USD) per share, raising CNY1,135 million (USD172 million).
The post-public offering share capital of Richful Lube was CNY150 million (USD22 million).
Dongxing Securities was the lead underwriter and sponsor for the IPO.