On the evening of December 7, domestic GPU manufacturer Metax Integrated Circuits (Shanghai) Co., Ltd. (Metax) announced the subscription details and lottery rate for its online IPO offering.
According to the disclosure, data from the Shanghai Stock Exchange showed 5.1752 million valid online subscriptions for 28.862 billion shares. The initial online lottery rate stood at 0.02223023%. After the clawback mechanism was triggered, the final online lottery rate reached 0.03348913%.
In comparison, Metax's initial and final online lottery rates were both lower than those of fellow GPU maker Moore Threads Technology Co.,Ltd. (Moore Threads), which previously recorded an initial rate of 0.02423369% and a final rate of 0.03635054%.
The issuer and underwriters jointly determined the total offering size at 40.1 million shares, including an initial strategic placement of 8.02 million shares (20.00% of the offering). The final strategic placement was adjusted to 7.605419 million shares (18.97%), with the difference of 414,581 shares reallocated to offline distribution.
Due to the online subscription multiple reaching ~4,498.38x before clawback—far exceeding the 100x threshold—the issuer activated the mechanism, reallocating 10% of shares post-strategic placement (rounded up to 3.2495 million shares) from offline to online distribution.
Post-clawback, the final offline offering amounted to 22.829081 million shares (70.26% of shares after strategic placement), while the online offering totaled 9.6655 million shares (29.74%). The final online lottery rate settled at 0.03348913%.
Metax reminded investors to "pay special attention to the payment process and fulfill obligations by December 9 (T+2)."
Founded in September 2020, Metax focuses on developing full-stack high-performance GPU chips and computing platforms for AI training/inference, general computing, and graphics rendering, per its prospectus.
The IPO price was set at ¥104.66/share, implying a diluted 2024 P/S ratio of 56.35x—below industry peers' average. The offering could raise ¥4.197 billion gross (¥3.899 billion net after ¥298 million issuance costs), earmarked for R&D and industrialization of new-generation GPUs and AI inference chips.
Financials show Metax's revenue grew from ¥426,400 (2022) to ¥743.0716 million (2024), while net losses attributable to shareholders widened from -¥776.9652 million to -¥1.4088794 billion. For Jan-Sept 2025, revenue surged 453.52% YoY to ¥1.2360856 billion, with losses narrowing to -¥345.5021 million.
The company attributed this to "accelerated commercialization of core training-inference integrated products and significant shipment growth."
Notably, on December 5, Moore Threads—dubbed "China's first listed GPU firm"—soared 468% at market open, briefly hitting ¥688/share. At its ¥114.28/share IPO price, maximum per-lot profits (500-share allotment) exceeded ¥280,000.
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