After three long years, Opple Lighting’s Initial Public Offering (IPO) application was finally approved by China’s Securities Regulatory Committee (CSRC), and is closer to its goal of being listed on the Chinese bourse.

The company was one among 14 companies that acquired IPO approval.

In a statement dating back to June 2015, the Chinese LED luminaire company announced it would be issuing in total 58 million shares at a price no less than 10% of the share value. Opple Lighting’s total shares on the market would be less than 579 million.

The company announced it will be investing funds raised from the IPO to expand its green lighting production capacity, construct a lighting R&D center, and establish an exhibition center and sales network. About RMB 230 million raised from the IPO will be invested in LED production facilities,and RMB 470 million in Internet retail networks.

(Source:Opple Lighting, organized by LEDinside)

The company issued 58 million shares on China’s A stock market, and will be investing funds gathered from the IPO in the projects below:

Opple Lighting’s revenue from 2012 to 2014 was respectively RMB 3.14 billion, RMB 3.40 billion, and RMB 3.84 billion. The group’s net profit was respectively RMB 427 million, RMB 476 million and RMB 293 million over the three year period.

LEDinside reviews Opple Lighting’s IPO application timeline:

May 17, 2013

Opple Lighting which intended to list on the Chinese bourse’s application status was “preliminary review”, according to a CSRC announcement indicating independent companies IPO application statuses.

May 5, 2014

Opple Lighting appeared again among 30 enterprises applying for IPO on CSRC list. This is the second time Opple was vying for a spot as a listed company on China’s bourse, and its guarantor was CITIC Securities.

July 4 , 2014

CSRC announces the Shanghai and Shenzhen bourse revoked 589 out of 637 IPO applications, Opple Lighting was among the companies that had its application nullified by the two stock trading centers. The CSRC cited Opple Lighting’s application was cancelled because of outdated revenue data, which required the company to resubmit updated data.

October 11, 2014

Opple Lighting’s IPO application status changes from “cancelled” to “accepted” in a statement issued by CSRC.

June 24, 2015

Opple Lighting submits its shareholder prospectus to CSRC, and further advances its IPO application.

July 6, 2015

CSRC announces volatile stock market conditions, where China’s stock nosedived, led guarantor’s decision to delay the IPO after careful consideration. The company refunded investors that had already paid for their IPOs. This development further pushed back Opple Lighting’s plan to become listed on the Chinese bourse.

March 9, 2016

Opple Lighting’s IPO is approved by CSRC’s stock issue committee.

July 22, 2016

Opple Lighting’s IPO is finally approved by CSRC.