Foxconn Industrial Internet looking to raise $4.26bn in 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.
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.