AI chipmaker Enflame sets Sept. 2 IPO subscription date
Chinese AI chip developer Enflame Technology will open subscriptions for its Shanghai STAR Market IPO on September 2. The company aims to raise approximately 6 billion yuan.
Enflame Technology, a Chinese developer of artificial intelligence chips and related computing systems, will open online and offline subscriptions for its initial public offering on the Shanghai STAR Market on September 2. The company plans to issue 43.04 million new shares, representing 10% of its post-issue share capital, with the goal of raising approximately 6 billion yuan (around $830 million USD).
The capital raised is earmarked for the development and commercialization of Enflame's fifth and sixth-generation AI chips. Funds will also support projects focused on the collaboration between AI hardware and software. The company's product portfolio includes cloud AI processors, accelerator modules, computing systems, and associated software.
Enflame's IPO application has passed the review process at the Shanghai Stock Exchange and received registration approval from China's securities regulator. The company has not yet achieved profitability. The STAR Market, launched in 2019, has become a key venue for Chinese technology firms seeking public listings, aiming to foster domestic innovation and compete with international exchanges.