Chinese TPU maker Miracll goes public, raises fund for expansion

Yantai, Shandong – Miracll Chemicals, a leading Chinese manufacturer of thermoplastic polyurethanes (TPUs) maker, went public on the Shenzhen Stock Exchange on 20 July, raising funds for its two projects.

From the Yuan470 million (€57 million) capital raised, the company plans to invest Yuan136.5 million in TPU expansion and Yuan75 million in ETPU (expanded thermoplastic polyurethane).

The TPU project has a 30 kilotonne per annum (ktpa) capacity and constitutes phase one of Miracll’s 200ktpa TPU facilities. Phase one will take three years to complete and will generate Yuan67 million of annual profit after tax when on full stream.

The 8ktpa ETPU facility is also scheduled to take three years to complete and is expected to bring in Yuan34m of annual profit after tax when in full operation. The project will make Miracll "a leader" in China’s ETPU sector, said the company.

Miracll is also mulling expansion in polyols, the company prospectus said.

Last year the firm recorded Yuan645m main business sales, of which 38% came from polyester TPU, 48% from speciality polyester TPU and 4% from ETPU.