AI chipmaker Enflame sets subscription date for near $900 million Shanghai IPO

Enflame Technology, one of China’s leading AI chipmakers, will open share subscriptions on September 2 for its 6 billion yuan ($892.21 million) IPO on Shanghai’s tech-heavy STAR Market, a regulatory filing showed late on Monday.

The chipmaker, backed by technology company Tencent Holdings , will issue 43.04 million new ‌shares, representing ⁠a 10% stake ⁠in its enlarged share capital of approximately 430 million shares, with preliminary price consultations set to begin on August 28, the filing showed.

Of the total ​offering, an initial 8.61 million shares have been allocated to strategic investors, while 27.54 million and 6.89 million shares have been set ​aside for institutional and retail tranches, respectively.