Jiusheng Electric Co Ltd makes its initial public offering on the Shenzhen Stock Exchange on Oct 27. [Photo/WeChat account: huzhoufabu]

Jiusheng Electric Co Ltd made its initial public offering on the Shenzhen Stock Exchange on Oct 27, becoming the fifth company to go public from Huzhou, East China's Zhejiang province.

Its listing has also brought the total number of listed companies from the city to 44.

The sustained growth of the number of listed companies in Huzhou can be partly attributed to the city's efforts in implementing the "Phoenix Action" plan, which is an initiative launched by Zhejiang to provide support to enterprises going public.

Founded in 2004, Jiusheng Electric is a high-tech enterprise specializing in R&D, production, sales and service of special cables and power cables. Its products have been used in some landmark buildings including the CCTV tower in Beijing.

The company raised 468 million yuan ($72 million) by issuing about 40.41 million shares. The share price surged 69.3 percent on the first trading day and closed at 26.31 yuan per share.

The raised funds will be used to build plants with an annual output of 12,000-km inorganic insulation cables and 600-km oil well heating cables, and to supplement working capital.