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.
