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CXMT Prices Shanghai IPO to Raise 57.9 Billion Yuan

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ChangXin Memory Technologies (SHA:688825) has priced its initial public offering on the Shanghai Stock Exchange's STAR Market board, seeking to raise up to 57.9 billion yuan, according to a bourse filing on Wednesday.

The Chinese chipmaker will offer 6.69 billion shares priced at 8.66 yuan apiece before any overallotment option. The shares represent 10% of the company's total share capital post-issuance.

At that size, the company is poised to stage the biggest IPO in Asia so far this year and the largest Chinese A-Share semiconductor IPO to date, according to Reuters.

An overallotment option of up to 15% has been granted to China International Capital (HKG:3908, SHA:601995). If fully exercised, the total number of issued shares will increase to 7.69 billion shares, representing 11.3% of the expanded share capital.

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