ST backs Innoscience IPO as shares start trading
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Shares in Chinese GaN chip supplier Innoscience are set to trading this week following the backing of STMicroelectronics.
The shares will be listed on Hong Kong Stock Exchange on December 30th, and the IPO was underwritten by ST Hong Hong at US$50m, the Jiangsu State-owned Enterprise Mixed Ownership Reform Fund at US$25m, and the Jiangsu Suzhou High-end Equipment Industry Special Parent Fund and Suzhou Oriental Chuanglian Investment Management at US$12.5m each.
The IPO aimed to raise HKD1.527bn ($193m).
Innoscience recently lost a key court case in the US against EPC, and has outstanding cases against Infineon Technologies in Germany regarding patents for gallium nitride (GaN) devices.
Innoscience has two 300mm fabs and is focussed only on GaN power, producing 10,000 wafers per month and expanding its production capacity towards and beyond 70,000 wpm.
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