Maker of steamed buns in Songjiang goes public
A Babi food truck
Zhongyin Babi Food Co, a Chinese dim sum manufacturer based in Songjiang, went public on the A-share main board of the Shanghai Stock Exchange on October 12.
Founded in 2010, Babi Food focuses on developing, producing and selling frozen Chinese dim sum. By the end of 2019 it developed more than 100 products, owned 16 chain stores and 2,915 franchised outlets, and was serving millions of customers a day.
The company has issued 62 million new shares to the public at the price of 12.72 yuan (US$1.88) per share. The price earning ratio reached 22.99 times.
In addition to supplementing working capital, the financed fund will be invested in seven categories including smart factory construction, an uplift of its production line and storage system, and construction of a food research and testing center.
Babi Food, while continuing to serve the Yangtze River Delta area, will expand its business in the Pearl River Delta and the Beijing-Tianjin-Hebei area.
“We hope Babi Food will further increase its core competence to reward trust and support from investors and people from all walks of life. Songjiang District will keep developing its real economy and improve its business environment to safeguard companies’ listing,” said Li Qian, director of Songjiang, during the listing ceremony.
So far, Songjiang has 26 listed companies, of which 15 are listed on the Shanghai Stock Exchange.
