Equity· IPO

Elite Color Environmental Resources Science&Technology ’s IPO debut on Shenzhen Stock Exchange today

minutes 2020/09/25 03:17:42

Sep 25, 2020 (China Knowledge) - Elite Color Environmental Resources Science&Technology  (002998) to start trading on the Shenzhen Stock Exchange - SME Board today, at a public offering price of RMB 5.85 per share, raising RMB 477.36 mln. Its initial listing shares account for 25% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 22.99.

Industrial Securities acted as the lead underwriter and sponsor for the IPO.

Earlier, Elite Color Environmental Resources Science&Technology  said its IPO was 3,058 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,373 times and the highest at 8,375 times. We expect the IPO to hit limit of 44% increment in its first day of listing. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.

Elite Color Environmental Resources Science & Technology Co Ltd is a China-based company mainly engaged in the research and development, production and sales of polyester fiber and its products. The Company's main products include recycled colored polyester staple fiber, low melting point polyester staple fiber and polyester non-woven fabrics. Its products are mainly used in engineering, carpets, automotive interiors, clothing and home textiles, furniture, automotive interiors and medical hygiene. The Company conducts its businesses within the China market and to overseas markets.

In financial year 2019, Elite Color Environmental Resources Science&Technology  garnered a total revenue of RMB 1738.14 bln, up 61% YoY. In terms of net income, it achieved RMB 102 mln, down 3% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 11.03% and 6.46% respectively, earning per share (EPS) of 0.36 RMB.

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