CTGR raised 22.7 billion yuan (US$3.6 billion) in its IPO, more than any other energy company in China.
China Three Gorges Renewables Group (CTGR) struck the gong at Shanghai Stock Exchange on Thursday.
CTGR raised 22.7 billion yuan (US$3.6 billion) in its IPO, more than any other energy company in China. The money raised will be used in the construction of seven offshore wind-power plants.
Installed capacity of CTGR plants reached 16 gigawatts last year. LEI Mingshan, Party Secretary and president of the company, said in March that the number should reach 80 million in five years.
CTGR has been growing fast over the past three years. Revenue rose from 7.4 billion yuan in 2018 to 11.3 billion yuan in 2020. Net margin grew from 2.7 billion yuan to 3.6 billion in the same period.
At the close, CTGR shares were up 44.2 percent at 3.82 yuan, sending the valuation of the company over 100 billion yuan.