You are here: Home » Reuters » News
Business Standard

Foxconn's unit plans Shanghai IPO, raising capital to upgrade production, projects

Reuters  |  HONG KONG 

HONG KONG (Reuters) - Industrial Internet Co Ltd, an internet and industrial-focused unit of Taiwan's Foxconn, filed an application on Monday for an initial public offering in to raise capital to upgrade production and for 5G related projects.

The unit, which makes electronic devices, and industrial robots, plans to issue up to 1.97 billion A-shares, or 10 percent of its enlarged issued share capital, at a price to be determined, the preliminary prospectus showed.

It gave no dollar value on the amount to be raised.

The unit, which serves clients including Amazon, Apple, Cisco, Dell, and Lenovo, said the proceeds would be used to fund eight projects.

These include cloud computing, data centre and at a total cost of 27.3 billion yuan. ($4.31 billion).

Industrial Internet posted a net profit of 15.9 billion yuan in 2017, compared with 14.4 billion yuan in a year ago period.

($1 = 6.3333 Chinese yuan renminbi)

(Reporting by Twinnie Siu; editing by Richard Pullin)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, May 14 2018. 08:51 IST