Wuxi Paike New Materials Technology Co Ltd makes debut on Shanghai Stock Exchange on Aug 25. [Photo/WeChat account: wxbhfb]

Wuxi Paike New Materials Technology Co Ltd, a Wuxi-based high-end forging manufacturer, was listed on the A-share main board of the Shanghai Stock Exchange on Aug 25.

The company plans to raise a total of 819 million yuan ($120 million) through its IPO. The money will be mainly invested in the production of hot-end special alloy materials and components for aero engines and gas turbines, in addition to the construction of its R&D center and a supplement to working capital.

The company's stock code was "605123", and it saw a rise of 44 percent at the opening, from an issue price of 30.33 yuan per share to 43.68 yuan per share.

Paike New Materials is involved in the high-end metal forging industry. Throughout the past 14 years, it has developed into one of the few providers of ring forgings for the aviation, aerospace, and ship industries in China.

The company has established businesses with leading companies in a variety of fields, including China Aerospace Science and Technology Corporation, the UK's Rolls-Royce, Japan's Mitsubishi Electric, and Germany's Siemens.

Ring forgings are stored at a factory of Paike New Materials. [Photo/WeChat account: wxbhfb]

The company's main products include a variety of metal forgings, including rolled ring forgings. It has a complete manufacturing process that includes forging, heat treatment, and machining processes. It can process ordinary carbon steel, alloy steel, stainless steel, and other special alloys.

It has developed more than 10 core technologies and more than 50 independent intellectual property rights, built an aerospace light alloy ring component R&D center, and undertaken many national projects assigned by the Ministry of Industry and Information Technology.

It is now striving to improve its production techniques for high-temperature alloys, titanium alloys, aluminum alloys, special stainless steel, and other forgings used for aero engines and gas turbines, as well as production techniques for high-end forgings used for industrial heavy-duty gas turbines, nuclear power equipment, and ocean engineering equipment. Its IPO is expected to help it achieve these goals.

Paike New Materials is the second company in Wuxi's Binhu district to be listed this year, increasing the number of listed companies in Binhu to 18. The total market value among listed companies in Binhu is now more than half of the city's total.

A bird's eye view of Paike New Materials in Binhu district, Wuxi. [Photo/WeChat account: wxbhfb]