Institutional demand for CXMT’s $8.6 billion Shanghai IPO dented by chip stock selloff
SHANGHAI/BEIJING, July 19 (Reuters) - Chinese chipmaker CXMT Corp’s $8.6 billion initial public offering was more than 500 times oversubscribed by institutional investors, according to a filing on Sunday, but the demand was less feverish than in recent Chinese tech IPOs, reflecting caution amid a global selloff in chip stocks. Attention will now shift to CXMT’s listing expected later this month on Shanghai’s STAR Market, which will test the market ahead of a slew of other high-profile IPOs as Beijing pushes for self-sufficiency in its tech rivalry with Washington.
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SHANGHAI/BEIJING, July 19 (Reuters) - Chinese chipmaker CXMT Corp’s $8.6 billion initial public offering was more than 500 times oversubscribed by institutional investors, according to a filing on Sunday, but the demand was less feverish than in recent Chinese tech IPOs, reflecting caution amid a global selloff in chip stocks. Attention will now shift to CXMT’s listing expected later this month on Shanghai’s STAR Market, which will test the market ahead of a slew of other high-profile IPOs as Beijing pushes for self-sufficiency in its tech rivalry with Washington. In a statement on Sunday, CXMT, China’s top memory chipmaker, said institutional investors including mutual funds, pension funds and insurers subscribed for a total of 1.24 trillion shares, compared with 2.17 billion IPO shares on offer to them. That translates into an oversubscription ratio of roughly 570 times.
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- SHANGHAI/BEIJING, July 19 (Reuters) - Chinese chipmaker CXMT Corp’s $8.6 billion initial public offering was more than 500 times oversubscribed by institutional investors, according to a filing on Sunday, but the demand was less feverish than in recent Chinese tech IPOs, reflecting caution amid a global selloff in chip stocks. Attention will now shift to CXMT’s listing expected later this month on Shanghai’s STAR Market, which will test the market ahead of a slew of other high-profile IPOs as Beijing pushes for self-sufficiency in its tech rivalry with Washington.
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Institutional demand for CXMT’s $8.6 billion Shanghai IPO dented by chip stock selloff
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