CXMT IPO raises $8.6 billion, valued at $425 billion pre-launch

ChangXin Memory Technologies (CXMT) raised nearly $8.6 billion during its IPO on Shanghai's STAR Market, making it China's most valuable listed company with a market capitalization of approximately $425 billion, or about 2.9 trillion yuan. The initial offer price was set at 8.66 yuan ($1.28) per share, leading to a valuation of 579 billion yuan at listing. This IPO is notable for being the biggest in the STAR market's history. The high pre-IPO valuation reflects limited access for many investors to participate directly in the stock, indicating strong demand and potential upward pressure on pricing when it debuts.