Zhejiang Hisun Biomaterials Co Ltd makes its initial public offering on the science and technology innovation board of the Shanghai Stock Exchange on Aug 16. [Photo/Shanghai Securities News]  

Zhejiang Hisun Biomaterials Co Ltd made its initial public offering on the science and technology innovation board of the Shanghai Stock Exchange on Aug 16, becoming the 70th listed company from Taizhou, East China's Zhejiang province.

The company is a high-tech enterprise focusing on the research and development, production and sales of polylactic acid (PLA). It raised 845.17 million yuan ($130 million) from the IPO after issuing 50.67 million shares priced at 16.68 yuan each. The raised funds will be mainly used to construct a factory with an annual output of 150,000 metric tons of PLA and a R&D center.

Hisun Biomaterials has seen steady growth in its revenue and net profits in recent years. Its revenue rose from 231.9 million yuan to 585 million yuan from 2019 to 2021, while its net profits attributable to its parent company grew from 10.06 million yuan to 35.27 million yuan.

In the first quarter of this year, its business income stood at 175.32 million yuan, while its net profits amounted to 9.94 million yuan.

The company forecasted that its business income in the first half of this year will be between 300 million yuan and 320 million yuan, while its net profits will range from 13 million yuan to 15 million yuan.