Acrel IPO raises US$41.3m in stock markets
By Pan Qingyun and Fu Chenghao |
February 27, 2012, Monday
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Print Edition
Print Edition
SHANGHAI Acrel Ltd, which raised 260 million yuan (US$41.3 million) in an IPO on the growth enterprise board in Shenzhen recently, became the first manufacturer of intelligent power meters to go public on China's A-share market. It's also the seventh company based in Jiading District to list on China's stock markets.
Acrel issued 8.67 million shares at 30 yuan a piece. The stock closed at 35.12 yuan on its first trading day. From the first trading day through January 18, average daily turnover exceeded 20 million yuan and the maximum daily increase in the share price was 4.76 percent.
Acrel is a high-tech company engaged in the development, manufacture and distribution of user-end smart power instruments. The company's output value has grown 30 percent annually on average since being founded eight years ago. It has become a leading player in China's smart power distribution and power monitoring instruments market. Its products have been used in a number of major events including the Beijing Olympics, World Expo Shanghai, Guangzhou Asian Games, as well as Costa Rica's China-funded National Stadium.
Against the backdrop of fierce competition, Acrel always feels the pressure from the market.
"Being listed on a stock market will make the company's operations more standard and transparent," Acrel Chairman Zhou Zhong said, adding the company will make full use of the capital and continue its R&D efforts to boost sales and profitability and maintain competitiveness over the long term.
The company, which holds three invention patents and 46 design patents, has participated in the drafting of a number of industry standards.
Still, the company needs to expand capacity as demand for such user-end smart power meters is rising fast. Zhou said the IPO could help address the problem.
The money raised from the IPO will mainly be used to fund construction of a R&D project and a manufacturing facility. That would boost production capacity to 600,000 units of smart power meters a year.
The market for such meters is expected to reach 10 million to 12 million units in China by 2015, according to the estimates of the industry insiders.
Acrel is also developing monitoring systems used in photovoltaic power generation, and power monitoring and management systems for data and information processing centers.
Acrel issued 8.67 million shares at 30 yuan a piece. The stock closed at 35.12 yuan on its first trading day. From the first trading day through January 18, average daily turnover exceeded 20 million yuan and the maximum daily increase in the share price was 4.76 percent.
Acrel is a high-tech company engaged in the development, manufacture and distribution of user-end smart power instruments. The company's output value has grown 30 percent annually on average since being founded eight years ago. It has become a leading player in China's smart power distribution and power monitoring instruments market. Its products have been used in a number of major events including the Beijing Olympics, World Expo Shanghai, Guangzhou Asian Games, as well as Costa Rica's China-funded National Stadium.
Against the backdrop of fierce competition, Acrel always feels the pressure from the market.
"Being listed on a stock market will make the company's operations more standard and transparent," Acrel Chairman Zhou Zhong said, adding the company will make full use of the capital and continue its R&D efforts to boost sales and profitability and maintain competitiveness over the long term.
The company, which holds three invention patents and 46 design patents, has participated in the drafting of a number of industry standards.
Still, the company needs to expand capacity as demand for such user-end smart power meters is rising fast. Zhou said the IPO could help address the problem.
The money raised from the IPO will mainly be used to fund construction of a R&D project and a manufacturing facility. That would boost production capacity to 600,000 units of smart power meters a year.
The market for such meters is expected to reach 10 million to 12 million units in China by 2015, according to the estimates of the industry insiders.
Acrel is also developing monitoring systems used in photovoltaic power generation, and power monitoring and management systems for data and information processing centers.
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