Shanghai-headquartered Software-as-a-Service (SaaS) company Transwarp, which is backed by Qiming Venture Partners, on Tuesday made a stellar STAR Market debut with its shares opening at 47.34 yuan ($6.58) apiece and closing at 72 yuan apiece, up by approximately 52%, according to a statement.
The firm has raised 1.43 billion yuan ($199 million) in an initial public offering (IPO) on the STAR Market.
Transwarp’s successful market outing marks the seventh IPO for Qiming Venture Partners since the beginning of 2022.
An early backer in the firm, Qiming led Transwarp’s Series A+ round and continued to invest in its Series B round. The Chinese venture capital company has 70% of its portfolio investments in Series A or Series B funding rounds, primarily in the healthcare and technology & consumer industries. Currently, Qiming Venture Partners manages eleven US dollar funds and seven RMB funds with $9.4 billion in capital raised.
Transwarp applied to go public on the STAR Market in November last year and was given approval for the same in June. The bourse, touted as Shanghai’s equivalent to Nasdaq, has raised 210.2 billion yuan ($29.2 billion) across 95 deals so far this year, according to KPMG’s third quarter Mainland China and Hong Kong IPO markets report.
Transwarp develops big data software, cloud computing platforms and artificial intelligence analysis tools for enterprises. The company has more than 1,000 end-users across many sectors, including finance, government, energy, transportation, and manufacturing, according to its press release. It has a presence in major cities across China as well as Singapore.