Tianneng Battery Group Co Ltd goes public on Shanghai Stock Exchange on Jan 18, becoming the 40th listed company in Huzhou, East China's Zhejiang province. [Photo/WeChat account:huzhoufabu]

Tianneng Battery Group Co Ltd made an initial public offering on the Shanghai Stock Exchange on Jan 18, becoming the 40th listed company in Huzhou, East China's Zhejiang province.

It is also the third company from the city that is listed on Shanghai Stock Exchange's science and technology innovation board, commonly known as the STAR market.

The company raised about 4.873 billion yuan ($749.7 million) by issuing 116.6 million shares at a price of 41.79 yuan per share. The raised capital will be used to fuel the company's smart transformation, as well as to develop products, including lithium battery cells and start-stop batteries.

Headquartered in Huzhou, East China's Zhejiang province and founded in 1986, Tianneng Battery Group is the leading motive battery solution provider in the new energy market in China.

It primarily specializes in the R&D, production, and sales of new energy vehicle lithium batteries, automobile start-stop batteries, as well as storage batteries for wind and solar energy.

Tianneng currently has set up 10 production bases in a number of provinces, including Zhejiang, Jiangsu, Anhui, Henan, and Guizhou, with more than 30 subsidiaries in total.

It has made the Top 500 Global New Energy Enterprises, Top 500 Chinese Enterprises, and Top 500 Chinese Private Enterprises lists.

This year, Huzhou will implement the upgraded version of "Phoenix Operation",  an initiative launched by the local government to encourage enterprises to raise capital via IPOs.