Tianhe Chemicals confirmed last week that its June 12 stock offering on the Hong Kong Stock Exchange brought a price of H.K. $1.80 (U.S. 23 cents) per share, raising an estimated U.S. $654 million.
That was in the low end of the H.K. $1.75-$2.25 range that the company had targeted, but officials still described the sale as a success.
The company is confident that there are very promising prospects for the company’s growth, and it will generate strong returns for all its shareholders, Chief Financial Officer Joseph Lee told Lube Report Asia.
Tianhe plans to use the funds to pay off loans and to invest in product development for its lubricant additives and fluorochemicals.