Sicher Elevator Co Ltd makes its initial public offering on the Shenzhen Stock Exchange on Sept 7. [Photo/WeChat account: huzhoufabu]

Sicher Elevator Co Ltd made its initial public offering on the Shenzhen Stock Exchange on Sept 7, becoming the first elevator manufacturer from East China's Zhejiang province to debut on the bourse's ChiNext board.

Founded in December 2007, Sicher Elevator is a company specializing in the R&D, manufacturing, and sales of a wide range of lifts, including elevators, escalators, as well as moving walkways. It has been rated as one of the top 10 elevator suppliers for the government in China for many years.

The company raised 262 million yuan ($40.3 million) by issuing about 66.69 million shares at a price of 15.50 yuan per share. The share price surged 294.4 percent on the first trading day.

This year, three companies from Huzhou have gone public so far, bringing the total number of listed companies in the city to 42.

The sustained growth in the number of listed companies in Huzhou can be partly attributed to the city's efforts in implementing the "Phoenix Action" plan, an initiative launched by Zhejiang to provide support to enterprises going public.

The front gate of Sicher Elevator Co Ltd in Huzhou, East China's Zhejiang province. [Photo/WeChat account: huzhoufabu]