SHENZEN, China — Chinese mobile-phone and device maker Transsion has listed in an IPO on Shanghai’s STAR Market, according to TechCrunch.
Transsion, known as the “king of mobile phones in Africa,” raised nearly $4 billion in an IPO on Shanghai’s Star Market.
The Shenzhen-based company said in a stock market filing that it sold 80 million shares for 35.15 yuan ($4.94) each, raising 2.8 billion yuan ($393 million).
The share sale pushes Transsion’s valuation to $3.95 billion and establishes the company as one of the biggest attractions on the Star Market
Transsion has announced that it plans to spend the funds on building more phone assembly hubs and a mobile phone R&D center in Shanghai.
Transsion is the fourth largest mobile phone manufacturer in the world.
Transsion, the maker of Tecno phones, which raised nearly $400 million in an IPO on China’s new tech stock market said that its shares would begin trading "as soon as possible." https://t.co/XycsLxk4ct
— CNN Africa (@CNNAfrica) September 26, 2019