Friday, April 19

Foxconnn Unit To Raise $4.3 Bn in China Biggest IPO Since 2015

Foxconn Industrial Internet, often known as FII, which is the subsidiary of world’s largest contract manufacturer Foxconn has announced to raise 27.1 billion yuan ($4.26 billion), a move that will mark mainland China’s biggest IPO in almost three years.

The Foxconn unit which is known to make electronic devices, industrial robots and cloud service equipment will offer 1.97 billion shares at 13.77 yuan per share in Shanghai, as per the company’s statement filed on the stock exchange.

Foxconn is a major Apple Inc supplier and with the proposed listing company wants to wean itself from the heavy dependence of manufacturing smartphones while diversifying into new areas.

The Foxconn unit, which is known as FII and makes electronic devices, cloud service equipment and industrial robots, is offering up to 1.97 billion shares at 13.77 yuan per share in Shanghai, according to a statement it filed to the stock exchange late on Tuesday.

Besides Apple, Foxconn has other prominent clients like Dell, Huawei and Lenovo, Cisco and Amazon.

The book building for IPO has been designated on 24 May where Shenzhen based FII would be offering 10 percent of its enlarged capital in IPO with a valuation of $43 billion at its listing. The company has also signalled that it will launch projects in areas including cloud computing, smart manufacturing and fifth generation wireless technologies.

Foxconn Industrial Internet’s IPO expected to go on board on May 24, will mark China‘s biggest float since 2015.