Foxconn unit aims to raise $4.3 billion in biggest China IPO since 2015
TAIPEI/SHANGHAI (Reuters) – Foxconn Industrial Web (601138.SS), a subsidiary of the world’s largest contract producer Foxconn (2317.TW), mentioned it plans to boost 27.1 billion yuan ($4.26 billion) in what would be the greatest Chinese language preliminary public providing in about three years.
The Foxconn unit, which makes digital units, cloud service tools and industrial robots, is providing 1.97 billion shares at 13.77 yuan per share on the Shanghai inventory change, based on a inventory change assertion filed late on Tuesday.
With 10 % of its enlarged capital supplied within the IPO, Foxconn Industrial Web would have a valuation of 271.three billion yuan ($42.62 billion) at itemizing.
The transfer is extensively seen as a step for Foxconn, a serious Apple Inc (AAPL.O) provider formally often known as Hon Hai Precision Trade Co (2317.TW), to wean itself off heavy reliance on manufacturing smartphones for the California-based iPhone maker and to diversify into new areas.
Foxconn has signaled beforehand that Foxconn Industrial Web will launch initiatives in areas together with good manufacturing, industrial web, cloud computing, and fifth-generation wi-fi applied sciences.
Foxconn Industrial Web’s IPO, anticipated to launch on Might 24, would be the largest Chinese language float since 2015.
Reporting by Jess Macy Yu in Taipei, and Engen Tham and Yiming Shen in Shanghai; Further reporting by Jennifer Hughes in Hong Kong; Modifying by Muralikumar Anantharaman