Sep 16, 2020 (China Knowledge) - Zhe Jiang Headman Machinery (688577) to start trading on the Shanghai STAR Market today, at a public offering price of RMB 33.13 per share, raising RMB 447.26 mln. Its initial listing shares account for 25% of total outstanding shares. The company’s initial price-to-earning ratio (PE) stands at 42.47.
Minsheng Securities acted as the lead underwriter and sponsor for the IPO.
Earlier, Zhe Jiang Headman Machinery said its IPO was 3,266 times oversubscribed. Since 2019 to date, A-shares IPOs achieved median oversubscription of 2,373 times and the highest at 8,375 times. For subsequent 30-day trading the performances can be obtained from our China IPO Weekly.
Zhe Jiang Headman Machinery Co Ltd is a China-based company specialized in the research and development, design, manufacture and sales of computer numerical control (CNC) machine tools. The Company's products cover three categories, including high-end CNC machine tools, automated production lines and popular CNC machine tools. Its products include gang tool type CNC machine tools, turret type CNC machine tools, parallel compound processing machines, integrated automated production lines, integrated automated production lines, HCL series, accessories and others. The Company's products are mainly applied in automotive manufacturing, engineering machinery, general equipment, military industry and other industries. The Company distributes its products within domestic and to overseas markets.
In financial year 2019, Zhe Jiang Headman Machinery garnered a total revenue of RMB 384.74 mln, down 10% YoY. In terms of net income, it achieved RMB 52 mln, down 22% YoY. Accordingly, return on equity (ROE) and return on asset (ROA) stood at 14.4% and 8.1% respectively, earning per share (EPS) of 1.13 RMB.
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