FOXCONN Industrial Internet, a subsidiary of Taiwanese manufacturer Hon Hai Precision Industry Co Ltd, said it plans to issue 1.97 billion shares in its initial public offering in the A-share market.

In a prospectus filed to the Shanghai Stock Exchange yesterday, the tech giant said it would raise capital to fund eight new projects, including 5G, the Internet of Things, and artificial intelligence.

The total investment for the eight projects will reach 27.3 billion yuan (US$4.3 billion).

The IPO price is yet to be disclosed, and Foxconn Industrial Internet said the funds raised beyond the planned investment will be used to replenish working capital.

The exact amount of capital raised will be determined by the company’s actual demand, capital market conditions, and regulatory requirements, said the prospectus.

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