Ningbo Bohui Chemical Technology Co Ltd made an initial public offering on the Shenzhen ChiNext Market on June 30, according to local media reports.

The company's issue price stood at 16.26 yuan ($2.35) per share. It raised 423 million yuan by selling 26 million new shares. The company's initial price-to-earnings ratio (PE) stands at 22.99. 

Founded in 2015, Bohui is principally engaged in the development, manufacture and distribution of aromatics and light fuel oil products. The company mainly produces rubber chemicals, asphalt additives, plastic additives, lubricating oil additives and fuel oil products. 

The raised funds will be used to expand the production of aromatics and paraffin products, which will help the company further improve its production capacity and profitability. 

In 2019, Bohui's revenue stood at 827.16 million yuan, up 42 percent year-on-year, while its net profits fell 15 percent to 76 million yuan. 

It is the fourth new A-share listed company based in Ningbo this year, following Bull Group, Xuelong Group and Ningbo Jintian Copper (Group) Co Ltd. 

A total of 103 Ningbo companies have made IPOs on domestic and foreign stock exchanges to date, 84 of which are A-share listed.