Foxconn unit aims to raise $5.7 bil in biggest China IPO since 2015

(May 23): Foxconn Industrial Internet, a subsidiary of the world’s largest contract manufacturer Foxconn, said it plans to raise 27.1 billion yuan ($5.69 billion) in what will be the biggest Chinese initial public offering in about three years.

The Foxconn unit, which makes electronic devices, cloud service equipment and industrial robots, is offering 1.97 billion shares at 13.77 yuan per share on the Shanghai stock exchange, according to a stock exchange statement filed late on Tuesday.

With 10% of its enlarged capital offered in the IPO, Foxconn Industrial Internet would have a valuation of 271.3 billion yuan at listing.

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