Chinese chip foundry Can Semi Technology Inc. is seeking to raise about 6.16 billion yuan ($919 million) in an initial public offering on the Shenzhen stock exchange's Chi Next board, joining a growing list of companies in the industry capitalizing on Beijing's drive for tech self-reliance. The Guangzhou-based company is offering about 512 million shares at 12.01 yuan apiece, according to a filing. The size could reach as much as $1 billion if an over-allotment option to meet excess demand is fully exercised.

China's artificial intelligence supply chain has driven a bumper year for IPOs, both onshore and in Hong Kong. Among the biggest deals, chip giant CXMT Corp. raised 66.6 billion yuan in a near-record listing and has since become the country's biggest listed company. Flash memory champion Yangtze Memory Technologies Co. is also progressing with what's on track to be another multibillion-dollar deal.

The deal flow is building on strengthening investor appetite for semiconductors, fueled by local breakthroughs in AI chips and lingering fears over US export curbs that have prompted regulators to fast-track approvals for firms deemed strategically important. Can Semi runs a customized chip foundry business, focused on supplying specialty chips for automotive, industrial, and Io T applications, committed to "meeting the demand for domestic chip manufacturing." Its domestic rivals include Semiconductor Manufacturing International Corp. and Hua Hong Semiconductor Ltd. GF Securities Co. is sponsoring the deal.