Beijing based CSD Water Service, backed by Qiming Venture Partners and GGV Capital, completed an initial public offering on Shanghai Stock Exchange Tuesday, raising a total of 253 million yuan (36.74 million U.S. dollars).

The company issued 25.6 million shares at the offering price of 9.88 yuan (1.43 U.S. dollars). The share price climbed by 44.03% to 14.23 yuan (2.06 U.S. dollars) after market opening.

Founded in 2009, CSD provides sewage treatment and sludge treatment for small-to-medium cities, industrial park and industrial clients.

In 2016, CSD's revenue and net profit reached 409 million yuan (59.39 million U.S. dollars) and 48 million yuan (6.94 million U.S. dollars), respectively.

CSD received a Series A investment from Qiming Venture Partners, Sequoia China and Polaris Venture Partners in 2011 and a Series B investment from GGV Capital in 2013.

CSD plans to apply the raised funds to developing a R&D center and a testing center.

Email: gaohan@nbd.com.cn