(Reuters) – Chinese chip maker Changxin Memory Technologies Inc (CXMT) is delaying its initial public offering (IPO) and will consider raising funds at a valuation of 140 billion yuan ($19.51 billion), Bloomberg News reported on Monday.
Changxin completed a shareholder restructuring around the middle of 2023 to prepare for the potential listing, the report said, citing people familiar with the situation. The company however decided to wait for a more favorable market after communications with regulators and prospective investors, the report added.
CXMT did not immediately respond to a Reuters’ request for comment.
The chipmaker, owned by state-backed parent Innotron Memory Co, is China’s leading maker of DRAM memory chips. Bloomberg reported in April that CXMT’s IPO would target a valuation of more than $14.5 billion.
Reuters reported in May that CXMT had appointed investment banks CICC and China Securities as sponsors for its planned domestic IPO.
($1 = 7.1770 Chinese yuan renminbi)
(Reporting by Harshita Meenaktshi and Baranjot Kaur in Bengaluru)
