The Jilin University-aligned OLED materials producer generated $168m in an IPO set to fund enhancements to its product range.

Jilin Oled Material Tech, a China-based electroluminescent materials producer affiliated to Jilin University, has floated on Shanghai Stock Exchange’s Star Market in an RMB1.14bn ($168m) initial public offering (IPO), DealStreetAsia has reported.

The offering includes 18.3 million common stocks each priced at around RMB62.60 ($9.20).

Around 6.2 million shares have been auctioned to investors online, with 2.6 million reserved for strategic placement and 9.5 million subscribed to over offline investment channels. The online subscription commenced on August 21.

Founded in 2005, Jilin Oled Material Tech has built up an offering containing more than 100 electroluminescent material products used by manufacturers of OLED optical devices such as digital displays.

The products include materials for making light-emission diodes and for administering their output into OLED micro-cavities.  Jilin Oled has distribution agreements in a number of overseas markets including Japan and Europe.

The IPO proceeds will fund efforts to bring forward enhancements to its product range.

Jilin Oled raised an undisclosed angel sum in 2010 from investors including private equity firm Cowin Capital, which remains its third-largest shareholder having its stake diluted to 13.2% in the IPO.

Peking University-aligned venture firm Yanyuan Venture Capital is also among Jilin Oled’s exiting investors, as are state-owned investment firm Yadong Investment Management, Changchun Emerging Investment, Wiso Mont Asset Management and Green River Investment.

Jingquan Xuan, founder and president of Jilin Oled, remains the company’s biggest shareholder followed by his daughter Lingyi Xuan.