Foxconn Industrial Internet, a subsidiary of the Taiwanese manufacturer Hon Hai Precision Industry Co. Ltd., said it plans to issue 1.97 billion shares in its initial public offering (IPO) in the A-share market.

 

富士康工业网络，台湾鸿海精密工业股份有限公司下属企业，计划在A股市场IPO发行19.7亿股。

 

In a prospectus¹ filed to the Shanghai Stock Exchange on Monday, the tech giant said it would raise capital to fund eight new projects, including 5G, the Internet of Things, and artificial intelligence.

 

The total investment for the eight projects will reach 27.3 billion yuan (4.3 billion U.S. dollars). 

 

The IPO price is yet to be disclosed, and Foxconn Industrial Internet said the funds raised beyond the planned investment will be used to replenish² working capital.

 

The exact amount of capital raised will be determined³ by the company's actual demand, capital market conditions, and regulatory requirements, said the prospectus.

 

The prospectus was released after Foxconn Industrial Internet gained final approval for its Shanghai-listing from the China Securities Regulatory Commission last Friday, only three months after the company filed its prospectus with the securities regulation authorities in February.

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