Hailu Heavy Industry launches IPO in Shenzhen today

Suzhou Hailu Heavy Industry Co Ltd<002255>, an exhaust heat boilers manufacturer and distributor, issued yesterday the prospectus for its planned initial public offering (IPO) on Jun. 25 in Shenzhen.

The company plans to sell as many as 27.7 million shares of its common stock at a price of RMB 1 per share, accounting for 25% of its enlarged equity, according to the company's prospectus.

However, how the proceeds will be used has not been clarified by the company. It has also not revealed the underwriter's identity.

The Suzhou-headquartered Chinese enterprise specializes in design, manufacture and distribution of exhaust heat boilers and their accessories and components, as well as nuclear pressure equipment. The company's major products include dry quenching exhaust heat boilers, oxygen converter exhaust heat boilers, and blast furnace gas exhaust heat boilers, etc. The U.S., Europe, Japan, the Middle East, Africa and Southeast Asia are its major export markets.