The highest-priced new stock of the year will be listed on August 18.

On August 16, the prospectus for the initial public offering (IPO) of Pristine Laser was released, indicating that the companys shares will be listed on the Sci-tech Innovation Board of the Shanghai Stock Exchange on August 18. This IPO involves 10 million shares, resulting in a total share capital of 40 million after issuance, of which the unrestricted tradable shares at the beginning of the new stock listing amount to 7.617762 million shares, accounting for 19.04% of the total share capital post-issuance. Pristine Laser is a leading enterprise in precision lasers. Its issuance price is 186.88 yuan per share, making it the highest-priced new stock issued on the A-share market this year. A single subscription requires a payment of 93,400 yuan. The issuance price-to-earnings (P/E) ratio for Pristine Laser is 49.42 times, while the industry average P/E ratio is 68.04 times. The company is offering 10 million shares, with a maximum subscription limit for online investors set at 2,000 shares, requiring a market value of 20,000 yuan in the Shanghai market for the maximum subscription. On the evening of August 12, Pristine Laser announced the results of its IPO and listing on the Sci-tech Innovation Board. The announcement indicated that the subscription and payment tasks for online and offline investors were completed on August 11 (T+2). The number of shares subscribed and paid for by online investors amounted to 3,200,700 shares, with 10,846 shares abandoned by online investors. The number of shares subscribed and paid for by offline investors was 4,901,600 shares, with 445 shares abandoned by offline investors. All shares abandoned by online and offline investors were fully underwritten by China Securities Co., Ltd., which underwrote 11,291 shares, amounting to 2.11 million yuan. The number of underwritten shares accounted for 0.14% of the issuance quantity after deducting the final strategic placement portion, and 0.11% of the total issuance quantity. Pristine Laser's main business focuses on the R&D, production, and sales of precision lasers. The company primarily targets quantum technology fields such as quantum computing and quantum precision measurement, the semiconductor sector including wafer manufacturing, wafer volume measurement, and wafer dicing, as well as cutting-edge research areas involving laser interference exposure and laser remote sensing. It has developed a new technical route for precision lasers, launching products with precision control over wavelength, linewidth, noise, power, and pulse. In the realm of quantum technology, the companys products mainly serve renowned universities and research institutes both at home and abroad, including the Chinese Academy of Sciences, Tsinghua University, Harvard University, the University of Colorado, and the Massachusetts Institute of Technology, as well as quantum tech companies like Quantumctek Co., Ltd., Huayi Quantum, and Guoyi Quantum. In the semiconductor field, its clients primarily include domestic semiconductor equipment manufacturers such as Zhong'an Semiconductor and Angkun Vision. In terms of performance, Pristine Laser projects revenues of 148 million yuan, 292 million yuan, and 418 million yuan for the years 2023, 2024, and 2025, respectively, with net profits expected to be 60 million yuan, 116 million yuan, and 159 million yuan. For the first half of 2026, the company anticipates a year-on-year revenue growth of 27.58%, reaching 442.2 million yuan, and a year-on-year net profit growth of 26.93%, reaching 480.8 million yuan. This article is adapted from the WeChat public account "China Securities Journal," edited by Chen Yufeng.