Greenworks, headquartered in China, has announced the successful completion of its initial public offering (IPO) on the Innovative Enterprise Board of the Shenzhen Stock Exchange.
The company’s shares began trading under the ticker symbol 301260 on February 8, 2023. The IPO was heavily oversubscribed, with strong demand from both institutional and retail investors. The company raised a total of $533 million (RMB 3.6 billion) through the offering, which will be used to fund the company’s growth and expansion plans, reports the company.
“We are thrilled with the success of our IPO and the overwhelming support we received from investors,” says Yin Chen, Greenworks’ chairman and CEO. “This is an important milestone for our company, and we look forward to using the funds raised to accelerate our mission of providing innovative and sustainable battery power solutions.”
With the funds raised through the IPO, Greenworks says it plans to expand its manufacturing capabilities in both North America and Asia, develop new products, and expand its reach in key markets around the world.
In January of this year, Greenworks Commercial expanded its global footprint by opening the doors to its 180,000-square-foot Commercial Center of Excellence for Manufacturing and Engineering in Morristown, Tennessee, its first in North America. The Morristown facility is also home to the North American Center for Advanced Vehicle Engineering within the Greenworks corporate group,
“We are excited to enter this new chapter in our company’s history,” says Chen. “We believe the future of gardening, landscaping and recreation is electric, and we are well positioned to be at the forefront of this revolution. With the support of our investors, we will continue to innovate and drive the adoption of electric vehicles around the world.”