Xinlei Compressor Co Ltd makes its initial public offering on the ChiNext board of the Shenzhen Stock Exchange on Jan 19. [Photo/WeChat account: tzfb001]

Xinlei Compressor Co Ltd made its initial public offering on the ChiNext board of the Shenzhen Stock Exchange on Jan 19, becoming the first company from Taizhou, East China's Zhejiang province to go public in 2023.

Xinlei, which is the 72nd listed company in Taizhou, raised 812.33 million yuan ($116 million) after issuing 39.3 million shares each priced at 20.67 yuan.

Located in Wenling, a county-level city in Taizhou, Xinlei Compressor specializes in the R&D, manufacturing, and sales of air compressors. The company's products, which can be categorized into three types - screw air compressor, small piston air compressor and centrifugal blower – are widely used in fields including machinery manufacturing, mining metallurgy, textile and clothing, medical care, food and electricity.

Xinlei currently owns 277 patents and has participated in the formulation of a number of national standards, industry standards and local standards.

It was also listed among national "little giant" enterprises, which refer to outstanding high-tech small and medium-sized enterprises with high growth potential, advanced technology, and strong market competitiveness.

In 2022, seven companies from Taizhou went public. This placed the city fourth in the province in terms of the number of newly listed companies - only one less than Ningbo, an economic powerhouse in Zhejiang.