Chipmaker SMIC set for a huge IPO as China looks to make semiconductor sector self-reliant

Shanghai: China’s largest chipmaker, Semiconductor Manufacturing International Corporation, is planning to raise as much as $7.5 billion in a Shanghai stock listing that would be the country’s biggest in a decade.

Details of the planned offers were released in a statement filed Monday on the website of the Shanghai exchange and sent the company’s Hong Kong-listed stock soaring more than 20 percent to a record high.

The company said it would raise at least 46.3 billion yuan, more than doubling an original target, after pricing its offer in the wake of a week-long jump in the value of the Hong Kong shares.

But SMIC said that if over-allotments are exercised, it could raise up to 53.2 billion yuan ($7.5 billion).