Jiaxin-headquartered power module firm StarPower Semiconductor Ltd has raised 510 million yuan ($73 million) in an initial public offering on the Shanghai Stock Exchange (SSE), according to a statement.
A further breakup of the numbers shows that StarPower has issued 40 million shares at 12.74 yuan apiece ($1.8). The company’s stock opened 44.03 per cent higher with its market value exceeding 2.9 billion yuan ($414 million) on Tuesday.
Established in 2005, StarPower designs and manufactures semiconductor devices, catering to diverse sectors such as electric vehicles, inductive heating, solar power, and welding machines.
The company launched a subsidiary in Shanghai New Energy Vehicle Science Park (with a focus on EVs) in 2013. Subsequently, in 2014, StarPower set up StarPower Europe AG with its head office in Switzerland, and opened a European R&D Center in Nuremberg, Germany.
StarPower is looking to spruce up its IGBT modules (three-terminal power semiconductor devices) for EV applications, and upgrade its technology R&D centre.
The company plans to contribute significantly to the ‘Made in China 2025’ initiative, in an attempt to advance its domestic technologies and shake off reliance on imported products.
Earlier, in 2011, StarPower closed an undisclosed Series A funding round from private equity management firm Sinowisdom, that is active in sectors such as artificial intelligence (AI), big data, healthcare and internet.