CXMT nears $9.8 billion Shanghai debut as DRAM frenzy lifts valuation
What's new: The IPO was 212 times oversubscribed, putting China’s top memory-chip bet on track to become its biggest listed company on debut.
CXMT is set for a blockbuster Shanghai trading debut on Monday after raising 66.6 billion yuan, or about $9.8 billion, in one of China’s largest IPOs. The chipmaker, formerly known as ChangXin Memory Technologies, is the world’s fourth-largest producer of DRAM, a core memory chip used in smartphones and AI servers. Strong demand for semiconductor plays tied to the AI buildout has driven expectations that CXMT’s market value could quickly rise well above its initial 580 billion yuan valuation. The retail tranche was 212 times oversubscribed, with investors placing 9.4 million orders worth 7.07 trillion yuan. Based in Hefei, the company is seen as a key part of Beijing’s push to cut reliance on foreign chip suppliers.