Shanghai United Imaging is the latest listed company in mainland China this year, with a market value of over $1 billion, and its stock price soared on its first day of listing.

Shares of the company, which provides medical imaging systems, rose as much as 75% to 192.48 yuan. According to data compiled by Bloomberg, they were sold at 109.88 yuan per share in the IPO, raising 11 billion yuan ($1.6 billion).

The company is the seventh Chinese listed company with sales of more than $1 billion this year. Large IPOs are brisk in Asian countries, as high inflation and rising interest rates dampened the prospect of stock sales, in contrast to a slowdown in traditional venues such as New York, London and Hong Kong.

This year, the stock is heading for the second-best early session among major Chinese IPOs. New share sales in China attribute part of their strong performance to the fact that valuations during IPOs are limited by local rules, mainly targeting local investors.

According to the prospectus, Shanghai United Imaging provides its customers with medical imaging equipment, radiotherapy products, medical digital and other solutions. The document said it has China’s top 10 medical institutions as clients.

The Shanghai-based company plans to use the equity sale proceeds to invest in a medical device fund, research and development projects and its sales network and to replenish capital.

The managers of this issuance are CITIC Securities Co Ltd, China International Capital Corporation and Haitong Securities Co Ltd.