<article>China-based <a href="https://www.dealstreetasia.com/?s=Zhaoqing+Piston+Machinery" target="_blank" rel="noopener">Zhaoqing Piston Machinery (Piston)</a> is seeking to launch a $14 million initial public offering (IPO) on the <a href="https://www.dealstreetasia.com/?s=ASX" target="_blank" rel="noopener">Australia Securities Exchange (ASX)</a>, with its closing set on November 10, 2017.</article>

China-based <a href="https://www.dealstreetasia.com/?s=Zhaoqing+Piston+Machinery" target="_blank" rel="noopener">Zhaoqing Piston Machinery (Piston)</a> is seeking to launch a $14 million initial public offering (IPO) on the <a href="https://www.dealstreetasia.com/?s=ASX" target="_blank" rel="noopener">Australia Securities Exchange (ASX)</a>, with its closing set on November 10, 2017.
Piston plans to enter the automotive cast iron parts manufacturing to further its business growth.
In its disclosure on Tuesday (October 10), Piston said, it has secured the approval of the Australian Securities and Investment Commission (ASIC) for the its registration statement and prospectus lodged in September. The IPO opened a week later.
Piston&#8217;s IPO price is A$0.40 per share with the number of shares on offer between 37 and 50 million. The share is expected to trade on ASX on November 28, 2017
AGC Capital Securities Pty Ltd is the lead manager and corporate adviser.
Established in 2007, Piston currently holds 15 per cent share in the household air-conditioner compressor component market with global leading brands GMCC, Panasonic, Gree, Midea, and Highly-Hitachi among its customers.
&#8220;Piston now is looking at the largest cast iron segment, automotive. Cast iron products going into automotive manufacturing represent 28 per cent of total cast iron output in China,&#8221; the company said in its statement.
It is looking at deploying 50 per cent of the IPO proceeds on expanding its manufacturing capacity while 10 per cent will support R&amp;D and working capital.
Piston CEO Jia Pingfan, said with the new investment, the company is confident that it can build a strong foothold in the automotive sector.
&#8220;Automotive manufacturing is more technologically competitive and profitable and we are very conscious of technological innovation,&#8221; Pingfan said.
Piston has entered a Memorandum of Understanding (MOU) with University of New South Wales on precision manufacturing of heavy equipment and machinery.
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Piston's IPO price is A$0.40 per share with the number of shares on offer between 37 and 50 million. The share is expected to trade on ASX on November 28, 2017.

China's Zhaoqing Piston Machinery taps ASX for $14m IPO

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