Foxconn unit aims to raise $4.3 billion in biggest China IPO since 2015

Taipei/Shanghai: Foxconn Industrial Internet , a subsidiary of the world`s largest contract manufacturer Foxconn, said it plans to raise 27.1 billion yuan ($4.26 billion) in what will be the biggest Chinese initial public offering in about three years.

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

With 10 percent of its enlarged capital offered in the IPO, Foxconn Industrial Internet would have a valuation of 271.3 billion yuan ($42.62 billion) at listing.

The move is widely seen as a step for Foxconn, a major Apple Inc supplier formally known as Hon Hai Precision Industry Co , to wean itself off heavy reliance on manufacturing smartphones for the California-based iPhone maker and to diversify into new areas.

Foxconn has signalled previously that Foxconn Industrial Internet will launch projects in areas including smart manufacturing, industrial internet, cloud computing, and fifth-generation wireless technologies.

Foxconn Industrial Internet`s IPO, expected to launch on May 24, will be the largest Chinese float since 2015.