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Enflame Seeks $911 Million in Shanghai IPO

Bloomberg Markets •
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Shanghai Enflame Technology Co., backed by Tencent Holdings Ltd., is seeking to raise about 6.12 billion yuan ($911 million) in an initial public offering, as the last of the so-called “four little dragons” of leading Chinese artificial intelligence chipmakers taps the public market. The company, in which Tencent holds a 20% stake and remains a dominant customer, priced its offering on Shanghai’s technology-heavy STAR Market at 142.18 yuan per share, according to an exchange filing Monday. The sale will consist of about 43 million shares, or 10% of its enlarged share capital following the IPO.