Six Chinese investment banks working on chipmaker CXMT’s $8.6 billion initial public offering (IPO) are set to take home at least $41 million in fees, according to company filings.
Chipmaker’s IPO
CXMT, China’s biggest maker of dynamic random-access memory (DRAM) chips, opened its IPO for subscription on Thursday. The firm’s chips are used in smartphones, computers, servers, and other electronics.
The share sale continues a revival of the onshore IPO market as the government lowers barriers for AI, semiconductor, and robotics companies aiming to raise money from public markets, in a push for technological advancement.
The payout would bring the year’s total fees from mainland IPOs to about $684.62 million, gaining on last year’s $984.75 million, according to LSEG data.
China Securities and CICC are sponsoring the IPO, or playing lead roles in the share sale, IPO filings showed. Other banks involved are China Merchants Securities, Guotai Haitong Securities, Guoyuan Securities, and Huatai Securities unit Huatai United Securities.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
