YANTAI, Shandong—Miracll Chemicals, a leading Chinese TPU maker, went public on the Shenzhen Stock Exchange on July 20, raising funds for its two projects.
After raising $67 million in capital, the company plans to invest CNY$19.7 million in TPU expansion and $10.8 million in ETPU (expanded thermoplastic polyurethane).
The TPU project has 30,000 metric tons per year of capacity and constitutes phase one of Miracll's 200,000 tons per year for TPU facilities. Phase one will take three years to complete and generate $9.7 million in annual profit after tax when on full stream.
The 8,000-ton per year ETPU facility also is scheduled to take three years to complete. It is expected to bring in $4.9 million in annual profit after tax when in full operation. The project will make Miracll a leader in China's ETPU sector., the company said.
Miracll also is mulling expansion in polyols, according to its prospectus.
Last year the firm recorded $93 million in main business sales, of which 38 percent came from polyester TPU, 48 percent from specialty polyester TPU and 4 percent from ETPU.