CXMT Priced its Well Anticipated IPO

CXMT (ChangXin Memory Technologies), the Hefei-based Chinese DRAM maker and the world’s fourth-largest memory chipmaker, has completed China’s largest-ever semiconductor IPO pricing exercise that should provide to the company around $8.5 billion for roughly 10% of its enlarged capital. The IPO date is fixed to July 27.It implies a valuation of about $85 billion, roughly double the figure floated nine months earlier. With the overallotment option, total proceeds reached $9.8 billion, nearly double what CXMT had earmarked for investment projects in its prospectus, and surpassing SMIC’s 2020 Shanghai listing to become the largest A-share IPO ever by a Chinese chip company, and the second-largest IPO in Chinese history overall.