Biren Technology Sells 284.8 Million Shares in Hong Kong IPO, Demand Exceeds Supply by 26 Times
Biren Technology successfully completed its Hong Kong IPO, selling 284.8 million shares at $19.6 each, with demand exceeding supply by 26 times. Founded in 2019, the company reported sales of 336.8 million yuan last year and has pending orders worth about $300 million, although it remains unprofitable. This IPO follows the recent market activity from other tech firms, including Moore Threads and CXMT Corp.
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Biren Technology conducted its IPO in Hong Kong, selling 284.8 million shares at $19.6 each, reaching the top of its price range. Demand from institutional investors outstripped supply by nearly 26 times.
Founded in 2019, Biren launched its BR100 data center graphics card in 2022, featuring over 77 billion transistors and utilizing Taiwan Semiconductor Manufacturing Co.'s 7-nanometer process and CoWoS technology. Biren reported sales of 336.8 million yuan (approximately $47.8 million) last year and holds pending and contracted orders worth about $300 million, but remains unprofitable.
This IPO follows the recent listing of Moore Threads, which launched its Lushan chip aimed at video gaming. Additionally, CXMT Corp. has announced plans for a $4.22 billion IPO to fund memory chip production and DRAM research initiatives.
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