CXMT prices a record $8.5bn Shanghai IPO, valuing China’s memory champion at $85bn
China’s biggest memory chipmaker is about to test the public markets. ChangXin Memory Technologies, known as CXMT, has priced its Shanghai IPO at 8.66 yuan ($1.28) a share, the South China Morning Post reported. The sale will raise about 57.9 billion yuan, or $8.5bn.
That would make it the largest listing by a Chinese semiconductor company on a mainland exchange. It beats the record set by SMIC, which raised 53.23 billion yuan in Shanghai in 2020.
CXMT is selling nearly 6.7 billion shares, about 10% of the company. At that price the Hefei-based firm would be worth 579 billion yuan, or roughly $85bn, when it debuts on Shanghai’s Star Market. A 15% overallotment could push the raise to 66.6 billion yuan ($9.8bn). Subscriptions open on Thursday, and CXMT has not set a trading date.
A memory champion built by the state
Founded in 2016 with government backing, CXMT is...
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