Devotion Thermal pockets USD 76m in Shenzhen IPO - report
Jul 13, 2012 - Chinese green energy firm Guangzhou Devotion Thermal Technology Co (SHE:300335) raised CNY 486.6 million (USD 76m/EUR 62.5m) in its initial public offering (IPO) on the ChiNext board of the Shenzhen Stock Exchange.
The company sold nearly 35 million shares at a price of CNY 13.95 apiece, according to a report by financial information provider CapitalVue. GF Securities was the lead underwriter.
Devotion Thermal Technology provides biomass molding fuels (BMFs), biomass gas fuels (BGFs), emulsified green coke (EGC) and other fuels. It serves clients in the paper, medicine, steel, textile, chemical, building materials and food and beverage sectors.