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Enflame schedules Sept. 2 subscriptions for near $892M Shanghai IPO
Enflame will issue 43.04 million new shares, with strategic investors receiving 8.61 million ahead of preliminary price talks starting Aug. 28.
Enflame Technology, an AI chipmaker in China, will open share subscriptions on September 2 for its IPO on the STAR Market, according to a regulatory filing cited by Reuters. The offering size is 6 billion yuan, or about $892.21 million, the filing showed.
The company plans to issue 43.04 million new shares, representing a 10% stake in its enlarged share capital of roughly 430 million shares. Preliminary price consultations are set to begin on August 28, the filing added.
Enflame said it has allocated 8.61 million shares to strategic investors, while 27.54 million shares are earmarked for institutional investors and 6.89 million shares for the retail tranche. Reuters also reported that Tencent Holdings backs Enflame.
Enflame plans to use proceeds to develop and commercialize its fifth- and sixth-generation AI chips, as well as advanced AI software and hardware collaborative innovation projects. CITIC Securities is acting as lead underwriter, with Guotai Haitong Securities and GF Securities as joint lead underwriters, Reuters said.