Foxconn unit to raise $4.26b from public float in Shanghai

BEIJING - Foxconn Industrial Internet Co Ltd, a subsidiary of the world's largest contract manufacturer Foxconn Technology Group, has announced plans to raise up to 27.1 billion yuan ($4.26 billion) in what will be the Chinese mainland's biggest initial public offering in almost three years.

The Foxconn unit, which is known as FII and makes electronic devices, cloud service equipment and industrial robots, is offering up to 1.97 billion shares at 13.77 yuan per share in Shanghai, according to a statement it filed to the stock exchange late on Tuesday.

With 10 percent of its enlarged capital offered in the IPO, Shenzhen-based FII would have a valuation of about $43 billion at listing.