CXMT sets IPO price at RMB8.66 per share

CXMT, a Chinese DRAM chipmaker, has set the price of its Shanghai STAR Market IPO at RMB8.66 per share. The company will offer 6.69 billion shares, with online and offline subscriptions scheduled for July 16. The offering is expected to raise about RMB57.9 billion ($8.55 billion) before any over-allotment option, giving CXMT an implied post-IPO market capitalization of roughly RMB579.2 billion.