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Foxconn Industrial Internet looking to raise $4.26bn in IPO

IPO

Foxconn Industrial Internet (FII), the industrial robotics and electronic devices manufacturing subsidiary of the leading global technology company, is looking to raise 27.1 billion yuan (USD$4.26bn) in an initial public offering (IPO).

FII is a diversified unit for Foxconn outside of its traditional operations of manufacturing parts for smartphones, working on a range of project areas that include the internet of things (IoT), automated robotics, cloud computing, smart manufacturing and 5G.

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Existing clients of the division include Apple, Amazon, Cisco, Dell, Huawei and Lenovo.

The listing will see approximately 10% of Shenzhen-based FII made available to investors in the form of 1.977 billion shares, valuing the company at approximately $43bn.

The $4.3bn sum will be both the largest Chinese IPO in three years and the fourth largest in the country in the past decade, only bested by China State Construction Engineering ($7.3bn), China Railway Construction ($5.7bn) and Guotai Junan Securities ($4.8bn).

Foxconn’s increasing focus on FII comes as Apple, one of the company’s major long term customers, is looking to source more of its manufacturing operations in-house, with it having been revealed in March that Tim Cook and Co are working to design and develop their own MicroLED screens for the first time.

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