DRAM chipmakers CXMT to be China's biggest chip listing

(ECNS) -- ChangXin Memory Technologies (CXMT), one of China's leading dynamic random-access memory (DRAM) chipmakers, opened subscriptions for its initial public offering (IPO) on Thursday, marking what is expected to become the largest IPO in the history of Shanghai's STAR Market.

The company, trading under stock code 688825, set its IPO price at 8.66 yuan (about U.S.$1.28) per share and plans to issue an initial 6.688 billion shares, representing 10% of its enlarged share capital.

If the over-allotment option is fully exercised, total proceeds could reach approximately 666.07 billion yuan. The fundraising would surpass the 532-billion-yuan record set by Semiconductor Manufacturing International Corp. (SMIC) in 2020, making it the largest IPO ever on the STAR Market.

(By Kira)