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Representatives from Mengtian Home Group Co Ltd pose for a photo to mark its listing on SSE on Dec 15. [Photo/mengtian.com]

Jiaxing-based Mengtian Home Group Co Ltd was listed on the mainboard of the Shanghai Stock Exchange on Dec 15, becoming the fifth listed company in Jiaxing and also the second listed wood door manufacturer in China.

The initial offering price for Mengtian Home (stock code 603216) was 16.86 yuan ($2.65) per share. The opening price of the first trading day was 20.23 yuan per share, 44.01 percent more than the initial offering price.

On its first day of trading, Mengtian Home raised 933.37 million yuan, which will be used to improve manufacturing techniques, construct intelligent storage centers, and replenish working capital.

Founded in 1989, Mengtian Home specializes in the design, research and development, production and marketing of customized furniture, including wood doors, cabinets, and wallboards.

The company has constructed two production bases for customized furniture in Qingyuan and Jiashan as well as set up more than 1,100 exclusive shops around China.

Jiaxing is currently home to 70 listed companies, the fourth highest in Zhejiang province. In the first half of the year, these companies raised 16.11 billion yuan, the second largest in the province.

By the end of June, the total market value of domestic listed companies in the city reached a record 784.2 billion yuan and seven of them were shortlisted as the top 500 listed companies in China in the Jan-June period.

This year, Jiaxing has published a new work plan to help promote stock reforms and encourage more local companies to go public based on its experience from a previous plan.

By 2025, Jiaxing is expected to house more than 100 listed companies with a total market value of 1 trillion yuan, according to the local municipal financial office.