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CCSH plans IPO on Shanghai Star Market as YMTC parent readies listing
The prospectus outlines a planned 1.98 billion to 2.43 billion share sale, equal to 10% to 12% of enlarged capital, with an option for overallotment up to 15%.
China is preparing for a potentially record semiconductor listing on the Shanghai Star Market, as CCSH Corporation, the parent of Yangtze Memory Technologies Corporation (YMTC), moves forward with an initial public offering, according to a prospectus made public by SCMP Economy.
The company plans to sell between 1.98 billion and 2.43 billion shares, representing 10% to 12% of its enlarged share capital. An overallotment option of up to 15% could also be exercised, while the final offer price and total proceeds have yet to be set.
SCMP Economy reported that CCSH has earmarked 33 billion yuan, or US$4.9 billion, for investment projects, including 20.8 billion yuan to upgrade mass production lines and 12.2 billion yuan for research and development.
The planned fundraising size comes after CXMT raised 66.6 billion yuan, nearly double its baseline plan, in the largest Star Market IPO on record, and YMTCs final tally could similarly exceed its 33 billion yuan baseline target depending on final market demand.