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STEP Electric Corp engineers successful IPO in Shenzhen
By Lu Xiaofeng and Tom Qian |
January 31, 2011, Monday
|
Print Edition
Print Edition
SHANGHAI STEP Electric Corp, an elevator controls and components manufacturer in Nanxiang Town, raised 240 million yuan (US$37 million) in its December 25 initial public offering on the Shenzhen Stock Exchange.
With the stock code as 002527, the company sold 50 million shares at an issue price of 16 yuan.
Jiading District Director Sun Jiwei and Vice Director Fei Xiaomei joined STEP Electric Chairman Ji Defa at the debut ceremony, which was hailed as a milestone for smaller companies. The district government has supported the development of such enterprises with favorable tax policies.
STEP Electric started out with a workforce of 30 people and annual revenue of less than 30 million yuan. Since then it has emerged as a market leader in the manufacturing of elevator control systems and elevator inverters. Its customers include Otis Elevator Co of the US, the Swiss-based Schindler Group, ThyssenKrupp in Germany, and GiantKONE Elevator Co of Finland.
STEP Electric has dominated the China market for three years and held 70 patents, 23 registered trademarks and 26 software copyrights.
The company was established in 1995 by engineer Ji Defa. It now employs more than 500 people worldwide and has regional offices in Shanghai, Beijing, Guangzhou in Guangdong Province, and Chengdu in Sichuan Province. Its overseas reach includes service centers in Germany and Hong Kong.
STEP Electric spent nearly three years preparing its IPO. The company in its prospectus said it planed to get the revenue of 800 million yuan two years later after its IPO, comparing with that of 400 million in 2009.
With the stock code as 002527, the company sold 50 million shares at an issue price of 16 yuan.
Jiading District Director Sun Jiwei and Vice Director Fei Xiaomei joined STEP Electric Chairman Ji Defa at the debut ceremony, which was hailed as a milestone for smaller companies. The district government has supported the development of such enterprises with favorable tax policies.
STEP Electric started out with a workforce of 30 people and annual revenue of less than 30 million yuan. Since then it has emerged as a market leader in the manufacturing of elevator control systems and elevator inverters. Its customers include Otis Elevator Co of the US, the Swiss-based Schindler Group, ThyssenKrupp in Germany, and GiantKONE Elevator Co of Finland.
STEP Electric has dominated the China market for three years and held 70 patents, 23 registered trademarks and 26 software copyrights.
The company was established in 1995 by engineer Ji Defa. It now employs more than 500 people worldwide and has regional offices in Shanghai, Beijing, Guangzhou in Guangdong Province, and Chengdu in Sichuan Province. Its overseas reach includes service centers in Germany and Hong Kong.
STEP Electric spent nearly three years preparing its IPO. The company in its prospectus said it planed to get the revenue of 800 million yuan two years later after its IPO, comparing with that of 400 million in 2009.
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