It is reported that Jiangsu Yulong Steel Pipe a producer of welded steel pipes, HSAW steel pipes, longitudinal submerged arc welded pipes, rectangular welded pipes and ERW welded pipes debuted on the Shanghai Stock Exchange today.

The company issued 79.5 million shares at CNY 10.8 per share raising CNY 858.6 million from its initial public offering. The corresponding price earnings ratio was 19.29 times earnings.

Funds raised will be invested in a transmission pipe production facility, with annual capacity of 250,000 tonnes.

The company products are widely used for the transmission of crude oil, natural gas, urban water supply and in the sewage sector. Longitudinal submerged arc welded pipes and high quality HSAW steel pipes are mainly used in the construction of oil and gas pipelines in China.

Following the acceleration in the construction of oil pipelines in China, the company had adjusted its product structure and had put in more resources into the marketing of its LSAWP and HSAW steel pipes which fetch relatively higher gross profits.

(Sourced from jrj.com.cn)