Foxconn Unit Plans Mega IPO In Shanghai
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2018-05-23 HKT 11:59
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A unit of Foxconn said on Wednesday it plans to raise 27.1 billion yuan in what will be the biggest initial public offering on the mainland in about three years.
Foxconn Industrial Internet, which makes electronic devices, cloud service equipment and industrial robots, is offering almost two billion shares at 13.77 yuan each on the Shanghai stock exchange.
The floating is widely seen as a step for Foxconn, a major Apple supplier, to wean itself off heavy reliance on manufacturing iPhones and to diversify into new areas.
Foxconn has signalled previously that Foxconn Industrial Internet will launch projects in areas including smart manufacturing, industrial internet, cloud computing, and fifth-generation wireless technologies.
Foxconn Industrial Internet’s IPO is expected to launch on May 24. (Reuters)
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