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The Wuhan-based memory chip maker plans to issue new shares equal to 10% to 12% of its post-offering capital, with proceeds earmarked for production upgrades
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Yangtze Memory Technologies filed for an initial public offering on the Shanghai Stock Exchange to raise $4.9 billion, in what would rank among China's largest semiconductor share sales in years, according to The Wall Street Journal.
The company, known as YMTC and based in Wuhan, China, said in its listing prospectus on Friday that it plans to issue between roughly 2.0 billion and 2.4 billion new shares, representing 10% to 12% of its post-offering share capital, with an overallotment option of up to 15%. The funds will be used to upgrade production lines and develop next-generation storage products. The company expects to list in 2027, according to the Wall Street Journal.
