November 7 -- Jiangsu Yulong Steel Pipe (RCode:601028:), a producer of welded steel pipes, HSAW steel pipes, longitudinal submerged arc welded pipes, rectangular welded pipes, and ERW welded pipes, debuted on the Shanghai Stock Exchange today, reports jrj.com.cn.

The company issued 79.5 million shares at 10.8 yuan per share, raising 858.6 million yuan from its initial public offering. The corresponding price earnings ratio waa 19.29 times earnings.

Funds raised will be invested in a transmission pipe production facility, with annual capacity of 250,000 tons.

The company's products are widely used for the transmission of crude oil, natural gas, urban water supply, and in the sewage sector.

Longitudinal submerged arc welded pipes (LSAWP) and high quality HSAW steel pipes are mainly used in the construction of oil and gas pipelines in China.

Following the acceleration in the construction of oil pipelines in China, the company had adjusted its product structure, and had put in more resources into the marketing of its LSAWP and HSAW steel pipes which fetch relatively higher gross profits.

Shares of the company rose 22.59 percent on its debut to close at 13.24 yuan today.