TEMB raises $280M in Shanghai IPO, opens 51% above issue price
What's the deal? Automotive thermal-management components maker TEMB Intelligent TechnologyDealroom has a profile for this one. Try Dealroom → raised about RMB1.88 billion ($280 million) in its September 7 listing on the Shanghai Stock ExchangeDealroom has a profile for this one. Try Dealroom →'s main board. It sold 30 million shares at RMB62.65 each.
Why now? Shandong-headquartered TEMB was established in 2001 and makes components for automotive thermal-management systems. Frost & SullivanDealroom has a profile for this one. Try Dealroom → ranked it first in China and third globally by automotive thermostat revenue in 2024.
The debut: Shares opened at RMB94.69 on the first trading day, about 51% above the issue price. That pushed TEMB's market capitalisation above RMB10 billion.
Who's backing it? The offering drew industrial investors including SAIC Motor Financial Holdings, Chery TechnologyDealroom has a profile for this one. Try Dealroom →, and Sungrow Power Supply. Institutional backers included the National Social Security FundDealroom has a profile for this one. Try Dealroom → and the Basic Pension Insurance Fund.
What's the endgame? TEMB's prospectus said proceeds would mainly fund manufacturing of intelligent thermal-management components, expansion of a production base, and building an R&D centre. Its products span thermostats, intelligent water valves, and temperature and pressure sensors used in combustion, hybrid, and battery-electric vehicles.
The signal: Backing from carmakers and state pension funds points to appetite for suppliers tied to China's shift toward electric and hybrid vehicles. China SecuritiesDealroom has a profile for this one. Try Dealroom → acted as listing sponsor; GF Law FirmDealroom has a profile for this one. Try Dealroom → advised TEMB, with DeHeng Law OfficesDealroom has a profile for this one. Try Dealroom → serving as counsel for the strategic placement.
Read more: law.asia
Image credit: Generated with Gemini
