CAS-backed AI processor provider Cambricon, valued at $2.5bn in 2018, floated on Shanghai's Star Market.
China-based artificial intelligence chipmaker Cambricon Technologies has priced a RMB2.58bn ($368m) initial public offering that will achieve an exit for Chinese Academy of Sciences, Reuters reported on Monday.
The offering will consist of 40.1 million shares issued on the Shanghai Stock Exchange’s Star Market at a price of RMB64.39 each. The allocation makes up about 10% of Cambricon’s shares, according to the IPO prospectus.
Cambricon provides AI processors for use in mobile devices and servers. One of its largest customers had traditionally been electronics manufacturer Huawei, though the latter company began making its own AI chips in 2019.
The company’s revenues more than tripled to about $63.5m in 2019, though its net loss increased considerably from $6m to about $169m over the same period, according to figures in the prospectus cited by Reuters.
The IPO follows a nine-figure series B round for Cambricon in 2018…