Chinese chipmaker CanSemi Technology Inc. has set its initial public offering price at 12.01 yuan ($1.64) per share. This pricing decision comes after preliminary inquiries and consideration of various factors, including remaining bids, subscription volumes, the company's fundamentals, industry, and comparable valuations.
The company is set to open subscriptions for its shares on September 24, with both online and offline options available to investors. This move positions CanSemi to raise approximately $919 million, contributing to China's broader effort to bolster its domestic semiconductor manufacturing capabilities. The offering includes an over-allotment option that could increase the total shares issued to 589.542 million, representing 19.95% of the company's total shares after the full exercise.
Guangzhou CanSemi Technology Inc. specializes in manufacturing analog and mixed-signal integrated circuits, including power discrete devices, power management ICs, and image sensors. The company serves key sectors such as IoT, automotive electronics, industrial control, and 5G in China and the APAC region. GF Securities and Guotai Haitong Securities are jointly underwriting the offering, with GF Securities's subsidiary, GF Qianhe Investment Co., Ltd., participating in strategic placement.
