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CXMT's Shanghai IPO Retail Portion 212 Times Oversubscribed

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ChangXin Memory Technologies (SHA:688825) or CXMT saw the retail portion of its STAR Market listing oversubscribed 212 times, according to a Shanghai bourse filing late Thursday.

The retail offering drew 9.4 million valid online subscription orders applying for 816.9 billion shares.

Following the activation of the overallotment option and the clawback mechanism, the final online offering size was 3.85 billion shares, representing about 63.9% of the total IPO size, while the final offline offering size was 2.17 billion shares, or 36.1% of the IPO.

The chipmaker sold a total of 7.69 billion shares at 8.66 yuan apiece, raising gross proceeds of 66.6 billion yuan, up from the previous estimate of 57.9 billion yuan.

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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