Foxconn Industrial Internet, part of the Foxconn Technology Group, is planning an IPO in Shanghai that it hopes will bring in CNY 27.1 billion (USD 4.25 billion), the Wall Street Journal reported, citing a prospectus filed with the Shanghai Stock Exchange. The unit, which assembles Apple iPhones as well as cloud-computing and telecommunication-network equipment, plans to offer 1.97 billion shares for CNY 13.77 per unit. It will use the money to automate manufacturing, as well as for cloud computing and 5G related projects. Chinese regulators fast-tracked approvals for the listing.
Foxconn Industrial Internet reported fiscal 2017 revenues of CNY 354.5 billion. Group chairman Terry Gou wants to expand the company’s business beyond contract manufacturing and increase its focus on automation and smart-manufacturing technology.
