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Enflame's IPO Retail Portion Oversubscribed 6,109 Times

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The retail portion of Shanghai Enflame Technology's (SHA:688801) initial public offering on the Shanghai Stock Exchange's STAR Market board was oversubscribed by about 6,109.34 times, according to a bourse filing on Thursday.

The chip developer, backed by Tencent Holdings (HKG:0700), said the oversubscription far exceeded the threshold of 100 times, triggering a clawback mechanism.

The retail offering attracted nearly 6.9 million valid online subscription orders applying for 42.1 billion shares at an offer price of 142.18 yuan apiece.

Due to the strong retail demand, Enflame and joint lead underwriters CITIC Securities, Guotai Haitong Securities and GF Securities activated the clawback mechanism to transfer 10% of the offering from institutional offline investors to the online portion, increasing the final online offering size to 10.3 million shares.

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