A major Chinese memory chip manufacturer is moving forward with a massive stock market debut in Shanghai, with plans to raise billions of dollars from investors.
Changxin Memory Technologies, known as CXMT, announced Thursday that it will kick off the book-building phase of its initial public offering on July 15. The company is targeting 29.5 billion yuan — the equivalent of approximately $4.34 billion — through the listing on the Shanghai exchange.
According to a filing with the exchange, CXMT will open investor subscriptions on July 16, the day after book-building begins.
The exchange rate used in the conversion was 6.8025 Chinese yuan per U.S. dollar.
