Baotou INST Magnetic New Materials Co announced on Nov 14 that its shares (stock code: 301622) will begin offline issuance and online subscription on Nov 22. The company aims to raise 606 million yuan ($84.23 million), which will be used to expand production capacity, tap into emerging markets such as new energy vehicles, strengthen R&D, upgrade facilities, and supplement working capital.

Founded in June 2011, INST is a global leader in rare-earth magnetic materials applications. The company specializes in the research, production, and sales of rare-earth permanent magnet application devices, with more than 10 domestic branches, an international trade subsidiary in Hong Kong, and an overseas plant in Vietnam.

Over the years, INST has grown from its consumer electronics roots into sectors such as automobiles, industrial motors, and robotics. Its products have secured partnerships with global brands such as Apple, Microsoft, Xiaomi, Huawei, and Lenovo.

With a top-tier market share in niche segments worldwide, INST has maintained an average annual R&D investment ratio of 5.21 percent of revenue since 2021, growing more than 25 percent each year. In the first three quarters of this year, the company has recorded revenue of 849 million yuan, marking a year-on-year increase of 28.11 percent.