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CXMT's Shanghai IPO Institutional Portion Oversubscribed 570 Times

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ChangXin Memory Technologies (SHA:688825) or CXMT saw the institutional portion of its STAR Market listing oversubscribed 569.8 times, according to a Shanghai Stock Exchange filing on Sunday.

The offline institutional offering drew valid subscriptions totaling 1.24 trillion shares from investment entities, mutual funds, bank wealth management products, insurance firms and more.

Following the activation of the overallotment option and the clawback mechanism, the final offline offering size was set at 2.17 billion shares, representing about 36.1% of the total IPO size. The retail online offering took up the remaining 3.85 billion shares, or 63.9%.

The IPO marks the second-largest in China's history, second to Agricultural Bank of China's (SHA:601288, HKG:1288) 68.5 billion yuan IPO in 2010, according to Bloomberg.

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