Shares of Shanghai United Imaging Healthcare Co. jumped in its market debut in Shanghai, after the Chinese company raised 10.99 billion yuan ($1.61 billion) in the STAR Market’s largest initial public offering this year.
Its stock gained as much as 75% on Monday morning and was last trading 66% higher at CNY182.52, compared with its IPO price of CNY109.88 a share. That gives it a market capitalization of about CNY150 billion, according to data provider Wind.
The company, which makes medical imaging and radiotherapy equipment, said it will use the proceeds from the offering to “fund its research and development of next-generation products, including high-end medical imaging equipment,” it said Monday. Part of the funding will also supplement its working capital, it added.
With the listing, the company will “work on long-term, sustainable value creation, and deliver great returns to our customers, shareholders, employees, and the society,” United Imaging Healthcare’s Chairman and Chief Executive Officer Al Zhang said in a statement.
Write to Clarence Leong at [email protected]