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PREVIEW SUBSCRIBE The company’s soaring debut is significant because Qilian has been waiting a long time to go public, initially filing for an IPO in November 2019. When Qilian finally did price its offering, the company raised $25 million after selling 5 million shares at $5 each, the low end of the range of $5 to $7 investors had been told to expect. Univest Securities, Loop Capital Markets, and Alexander Capital are underwriters on the deal. According to Qilian’s prospectus, sales at the pharmaceuticals and chemicals company fell 31% in the three months ended Sept. 30 as a result of the pandemic. Net income declined 17%, to $4.2 million, for the six months ended March 31 from $5 million for the same period in 2019. Revenue rose 2%, to $27.8 million, the prospectus said.