Mingyang Electric, Subsidiary of Mingyang Group, Receives Approval for IPO Listing! Raising 1.188 Bi

2023-06-09 09:45

On June 8th, Mingyang Electric issued an announcement regarding the approval of its initial public offering (IPO) registration by the China Securities Regulatory Commission (CSRC).

According to the prospectus of Mingyang Electric, the company plans to raise 1.188 billion yuan. Of this amount, 430 million yuan will be allocated to the research and manufacturing center for intelligent power transmission and distribution equipment of Mingyang Electric, 220 million yuan will be used for the production construction project of 20,000 sets of intelligent and environmentally friendly medium-voltage switchgear equipment, and 538 million yuan will be utilized for bank loan repayment and supplementary working capital.

Mingyang Electric is primarily engaged in the research, production, and sales of power transmission, distribution, and control equipment used in areas such as new energy and new infrastructure. Its main products include prefabricated substations, complete sets of switchgear equipment, and transformers. These products find application in sectors such as new energy (including wind energy, solar energy, and energy storage) and new infrastructure (including data centers and smart grids).

According to the prospectus, Mingyang Electric achieved revenues of 1.665 billion yuan, 2.03 billion yuan, and 3.236 billion yuan in 2020, 2021, and 2022, respectively. Net profits for the same periods were 178 million yuan, 161 million yuan, and 265 million yuan, while the adjusted net profits (excluding non-recurring items) were 173 million yuan, 158 million yuan, and 257 million yuan, respectively.