Legend Capital-Backed Linglong Tyre Completes $390M IPO In Shanghai

Legend Capital-backed Shandong Linglong Tyre Co., Ltd. has listed on the Shanghai Stock Exchange yesterday, raising approximately RMB2.6 billion (US$390 million) by issuing 200 million shares at RMB12.98 apiece.

The company initially filed with the Chinese securities regulator for a listing over two years ago back in May 2014.

In 2010, Legend Capital led an investment of around US$15 million with participation from Hony Capital and others in the Shangdong province-based tire manufacturer.

The investors helped the company recruit top talent, adjust strategic priorities and embark on a road of rapid growth.

In 2015, Linglong Tyre recorded revenues of RMB8.7 billion and net profit of RMB677 million, joining the ranks of the world’s top 20 largest tire makers, according to a disclosure filing.