Shanghai, China – China’s third largest polyether polyol maker, Ningwu New Material, is planning an initial public offering on the Shanghai Stock Exchange.
According to the prospectus released last December, the company expects to issue no more than 43m shares at CNY 1 ($0.15) face value. All capital raised will be pumped into two new projects.
The first project is an upgrade of its 300kT/year polyether polyol facility, for which CNY 292m of investment has been earmarked. The second is a research center, with CNY 31m investment.
Located in Jurong county, Zhenjiang city, Jiangsu province, Ningwu had CNY 702m total assets as of June 2017. It reported CNY 34m net profit on CNY 842m revenue over the first half of 2017.
The company makes polyols for flexible foam, rigid foam, CASE and specialty purposes. About half of its revenue comes from its top five clients, which include Huntsman, Covestro and BASF.
Currency Conversion: Xe.com