Foxconn Industrial Internet Co. Ltd., the Taiwanese smart factory unit of Hon Hai Precision Industry Co. Ltd., or Foxconn, is looking to raise up to 27.1 billion yuan in a Chinese IPO, Bloomberg Quint reported May 22.
The company plans to offer 1.97 billion shares at 13.77 yuan apiece, Foxconn Industrial Internet said in a May 21 Shanghai Stock Exchange filing.
It will be the largest mainland Chinese market debut since the stock market crash in 2015, reportedly valuing the company, a key assembly partner of Apple Inc., at about $43 billion.
The funds will be invested in eight new technology projects, which include industrial data centers, cloud computing and artificial intelligence.
The scheduled float comes shortly after Hon Hai Precision Industry confirmed plans to reduce its capital and increase shareholder returns.
In March, Foxconn Industrial Internet agreed to acquire Belkin International Inc. for $866 million in cash. Following completion, Belkin International and its brand portfolio — Belkin, Linksys, Wemo and Phyn — will operate as a unit of Foxconn.
As of May 22, US$1 was equivalent to 6.37 Chinese yuan.
