Zhejiang Cady Industrial Co Ltd makes its initial public offering on Shanghai Stock Exchange on March 16. [Photo/WeChat account: huzhoufabu]

Zhejiang Cady Industrial Co Ltd made its initial public offering on the Shanghai Stock Exchange on March 16, becoming the third company from Huzhou, East China's Zhejiang province to be listed this year.

The company raised 575.65 million yuan ($83.85 million) after issuing 29 million shares each priced at 19.85 yuan.

Founded in Huzhou in 2002, Zhejiang Cady Industrial specializes in the R&D, production and sales of polyester fabrics, seamless clothing and polyester filament.

In 2022, the company generated 735.67 million yuan in revenue and 109.81 million yuan in profits. As of June last year, Cady had had 12 invention patents and 41 utility model patents.

The company's listing has brought the number of listed companies in Huzhou to 52.

Chen Hao, Party chief of Huzhou, attended the IPO ceremony before meeting Cai Jianchun, deputy Party chief of Shanghai Stock Exchange to seek further cooperation opportunities with the bourse.