Yantai, Shandong – Miracll Chemicals, a leading Chinese TPU maker, went public on the Shenzhen Stock Exchange on July 20, fundraising for its two projects.
From the CNY470m ($67m) capital raised, the company plans to invest CNY136.5m in TPU expansion and CNY75m in ETPU (expanded thermoplastic polyurethane).
The TPU project has 30kT/year capacity and constitutes phase one of Miracll’s 200kT/year TPU facilities. Phase one will take three years to complete and generate CNY67m annual profit after tax when on full stream.
The 8kT/year ETPU facility is also scheduled to take three years to complete. It is expected to bring in CNY34m annual profit after tax when in full operation. The project will make Miracll a leader in China’s ETPU sector., said the company.
Miracll is also mulling expansion in polyols, said its prospectus.
Last year the firm recorded CNY645m main business sales, of which 38% came from polyester TPU, 48% from specialty polyester TPU and 4% from ETPU.