SHANGHAI - A unit of electronics manufacturing giant Foxconn said it will launch an initial public offering in China on Thursday aimed at raising $4.2 billion, in the biggest mainland debut for three years. The Foxconn Industrial Internet IPO would be one of the biggest on the Shanghai Stock Exchange since the market collapse in 2015Taiwan’s Foxconn Industrial Internet, which makes electronic devices, cloud service equipment and industrial robots, will float 10 percent of its total shares, according to a prospectus filed late Tuesday with the Shanghai stock exchange. Foxconn Industrial Internet will issue 1.97 billion new shares at 13.77 yuan per share to raise 27.1 billion yuan ($4.2 billion). The IPO would be the biggest in mainland China since a market crash in 2015 and one of the largest ever for the country's stock exchanges. The IPO comes as Beijing is pushing to attract more listings on mainland markets by domestic Chinese technology companies.

Source: Bangkok Post May 23, 2018 06:45 UTC