China's largest DRAM maker CXMT targets $8.55 billion IPO, Asia's biggest listing of 2026

ChangXin Memory Technologies, China’s largest DRAM chipmaker, is about to pull off the kind of IPO that makes even seasoned capital markets folks do a double-take. The company expects to raise 57.9 billion yuan, roughly $8.55 billion, in what would be Asia’s largest initial public offering so far in 2026.

That number is nearly double CXMT’s prior fundraising target of 29.5 billion yuan ($4.3 billion).

The numbers behind the hype

CXMT has fixed its share price at 8.66 yuan for the listing on Shanghai’s STAR Market, with book-building starting July 15 and subscriptions opening July 16. The shares are scheduled to begin trading on July 27.

The deal ranks as the second-largest STAR Market IPO ever, trailing only Semiconductor Manufacturing International Corporation’s 2020 debut.