Chinese CPU maker Loongson Technology completed online subscription for its public share sale, moving a step closer to a planned debut on Shanghai’s STAR Market, reports Caixin.
Loongson aims to raise RMB 2.42 billion ($357 million) through the initial public offering, down from previously announced RMB 3.5 billion. Chairman Hu Weiwu said the downsized offering reflects multiple market factors and pledged to further increase investment in research and talent to boost the company’s business.
Loongson’s IPO involves the sale of 41 million shares, 80% of which were sold online to public investors. The company priced its shares at RMB 60.06 apiece, giving it a market valuation of RMB 24 billion.