June 30 -- Sailun (601058), a company which specializes in the research and development, manufacturing, and sales of radial tires, debuted on the Shanghai Stock Exchange today, reports Shenzhen Economic Daily.

The company had offered 98 million shares at 6.88 yuan per share, raising 674.24 million yuan from its initial public offering.

The corresponding price earnings ratio was 23.97 times earnings.

TX Investment had previously estimated that the company's issue price could be 6.8-8.5 yuan while Haitong Securities (600837) estimated a range of 5.55-7.4 yuan.

Shares of the company surged 45.64 percent to close at 10.02 yuan today.