Lutian Machinery Co Ltd makes its initial public offering on the main board of the Shanghai Stock Exchange on June 15. [Photo/WeChat account: tzfb001]

Lutian Machinery Co Ltd made its initial public offering on the main board of the Shanghai Stock Exchange on June 15.

It is the 65th listed company from Taizhou and the 60th A-share listed company from the city.

The company issued 22 million shares at a price of 27.1 yuan ($4.17) per share and raised 596.2 million yuan in total.

Headquartered in Taizhou's Luqiao district, Lutian Machinery is mainly engaged in the R&D, production, and sales of high pressure washers, generators and water pumps.

With a registered capital of 88 million yuan, the company now has 1,740 employees, with services reaching more than 100 countries and regions worldwide.

It has established partnerships with international famous brands like Nilfisk and Postec. As a national high-tech company, Lutian boasts eight invention patents.

The company has seen steady growth in its revenue and net profits in recent years.

Its revenue rose from 774 million yuan in 2018 to 1.225 billion yuan in 2020, while its net profits grew from 35 million yuan to 116 million yuan.

In the first quarter of this year, its business income stood at 370 million yuan, while its net profits amounted to 29 million yuan.

Lutian is the third company from Taizhou to make an IPO this year and there are still an additional five companies from the city preparing to go public in the near future.