The IPO document of Sichuan Qiaoyuan Gas Co. Ltd has recently been approved by the relvant authority and the company will now be listed in the Growth Enterprise Board (equivalent to the Second Board), with a plan to raise RMB 290m ($46.7m).
The company was established in 2002, headquartered in Chengdu city, Sichuan province in southwestern China.
According to the document, the operating revenues of the company in 2014, 2015, and 2016 were RMB 313.7m ($50.5m), RMB 351.8m ($56.6m), and RMB 382.4m ($61.6m), respectively. The corresponding operating profits were RMB 42.7m ($6.9m), RMB 37.3m ($6m), and RMB 56.9m ($9.2m).
The company has four wholly- owned gas companies, with three located in the Chengdu area and one in Fuzhou city, Fujian province, in eastern China.
The company claims that it has the largest total liquid air separation plant (ASU) cluster in the southwest region of China, capable of producing around 370,000 tonnes of oxygen, 110,000 tonnes of nitrogen, and 15,000 tonnes of argon per year; all sold to the merchant gas market.
However, it is understood that the accuracy of the data in the IPO document has been queried publicly by a local financial website, raising some doubts and contradicting information related to net profit and other operating data.