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,...