Chinese memory chipmaker CXMT Corp's $8.6 billion initial public offering was more than 500 times oversubscribed by institutional investors, underscoring robust demand even as a global selloff in semiconductor stocks tempers investor enthusiasm. The response, while strong, was notably weaker than recent Chinese technology listings.
According to a company filing released on Sunday, institutional investors, including mutual funds, pension funds and insurance firms, subscribed for 1.24 trillion shares against 2.17 billion shares allocated to them in the offering. This resulted in an oversubscription ratio of about 570 times.
