Chinese Instrument Firm Goes Public
Jiangsu Skyray Instruments specializes in atomic spectrometers, such as ED-XRF systems. China’s ChiNext market was launched in 2009 to support small and medium-size companies. It has been described as a NASDAQ-style exchange.
Shenzhen, China 1/25/11—Jiangsu Skyray Instruments, a supplier of atomic spectroscopy, molecular spectroscopy and GC systems, has completed an IPO on the Shenzhen stock exchange’s ChiNext market. According to the Shenzhen stock exchange, the company issued 18.5 million shares priced at CNY 65 ($9.86 = CNY 6.57 = $1) per share, with 14.8 million shares listed on the stock exchange. The offering is expected to raise CNY 1.2 billion ($182.5 million). The company’s 2009 operating income was CNY 191 million ($29 million) and its net profit totaled CNY 70.6 million ($10.7 million).
