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HomeNewsTranssion Holding Finally lists on Shanghai’s Star Market, worths $3.95 billion

Transsion Holding Finally lists on Shanghai’s Star Market, worths $3.95 billion

Transsion Holdings is now available to the public. During an IPO (Initial Public Offering) on Shanghai’s Star Market, which was held today, the company raised almost $4 billion.

Report from the company after the IPO shows that they sold 80 million shares. Each share went for 35.15 yuan ($4.94), bringing the total to a whopping 2.8 billion yuan ($393 million).

The company has publicly stated that they plan on using the funds to build phone assembly hubs and R&D centres in Shanghai, China. CNN reports that after the IPO, the company’s valuation is now at $3.95 billion. This makes the smartphone company as one of the biggest attractions in the Star Market. The Star Market is the latest Chinese tech-focus stock market.

The success of Transsion Holding’s IPO might come as a surprise to many after the company was sued by Huawei for copyright infringement a day before the listing.

Africa is the main operating market of Transsion Holding. Tecno, Infinix and itel are all under Transsion Holding. Both three smartphone makers hold a combined market share of 48.71% in Africa region. Presently, Transsion Holding is regarded as the fourth-largest mobile phone manufacturer in the world.

Damilare
Damilare
CEO Marvnic Media-owner of Phonecorridor and other media platforms in Nigeria. I am a digital marketing professional with over 6 years of experience. I love gadgets, cars, and smartphones. My current smartphone is the Google Pixel 6 Pro. I hope to buy Tesla Car soon