Taiwanese tech manufacturer Foxconn (listed as Hon Hai Precision Industry Co.) is planning an IPO that will be the largest mainland Chinese listing since 2015.
The company hopes to raise RMB 27.1 billion ($4.3 billion) at RMB 13.77/share, according to Bloomberg. This would value the firm at $43 billion, equal in size with Japanese tech giant Sony Corp., as it debuts on the Shanghai Stock Exchange. The capital will help fund CEO Terry Gou’s expansionary plans in smart manufacturing and fifth-generation wireless technology.
Foxconn is the world’s largest assembler of iPhones and derives over half its revenue from its partnership with Apple. It’s 2017 sales came in at around RMB 355 billion.
The move will likely be welcomed by the Chinese government, who have hoped to both boost high-profile tech listings on the mainland, as well as attract capital away from the disputed territory of Taiwan.