China memory-chip maker CXMT set for mega IPO

Subscriptions began on Thursday for shares in memory-chip maker ChangXin Memory Technologies (CXMT) ahead of its listing on Shanghai’s Star Market in what could be mainland China’s second biggest initial public offering. With pricing set at 8.66 yuan (US$1.28) per share, the IPO of nearly 6.7 billion shares will raise gross proceeds of 57.9 billion yuan (US$8.5 billion). If a 15 per cent overallotment option is fully exercised, the offering could expand to 7.7 billion shares and raise 66.6...