Enflame Technology opens subscriptions for Shanghai IPO
Shanghai-based Enflame Technology filed to open share subscriptions on Sept. 2 for a 6 billion yuan IPO on Shanghai's STAR Market, offering 43.04 million new shares equal to about 10 percent of enlarged capital. Preliminary price consultations are set for Aug. 28. Allocations include 8.61 million strategic, 27.54 million institutional and 6.89 million retail shares. Backed by Tencent, Enflame plans to use proceeds to develop fifth- and sixth-generation AI chips and related software and hardware projects. The listing comes amid a surge of chip and AI IPOs and fresh concerns about valuation bubbles after recent volatile listings.
Enflame aims to raise 6 billion yuan for next‑generation AI chips
Context
Three peer GPU companies listed over the past year. Beijing wants more tech self-reliance. Enflame will hold price talks on Aug. 28 and open subscriptions on Sept. 2.
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