The Shanghai Stock Exchange has approved Triangle Tire Co. Ltd.’s plan for an initial public offering of stock, according to Tyres & Accessories.
T&A reports the exchange’s Issuance Examination Committee granted IPO approval at a meeting on Jan. 6.
According to Triangle’s IPO prospectus issued in June 2015, the company plans to issue no more than 200 million shares, and aims to raise at least $790 million, although Triangle’s CEO Pierre Cohade told T&A in July 2015 the company planned to raise about $900 million through the IPO.
Cohade added that the funds would be used for projects such as expanding Triangle’s R&D center in Weihai, China, and for two new plants in Weihai – a truck and bus radial facility and a passenger car radial plant.
