Shares of CXMT Corp, China's largest memory chipmaker, soared on Monday after they began trading in Shanghai. The debut marked Asia's biggest IPO this year and one of mainland China's largest initial public offerings in recent years.
The Hefei-based company priced its IPO at 8.66 yuan per share. Reports on the fundraising total indicate the company raised between 57.92 billion yuan ($8.6 billion) and 66.6 billion yuan ($9.8 billion), marking it as the second-largest initial public offering in China's history.
With a market value of $85.5 billion, CXMT faces outsized expectations fueled by investor excitement over the memory chip trade. The company's likely heavy turnover comes after a sharp pullback in tech shares, with potential first-day gains that could make it the largest company in the country.