Following Moore Threads, Metax Integrated Circuits (Shanghai) Co., Ltd. (688802), another leading GPU company, has entered the final stage of its IPO process. According to the company's announcement, it plans to issue 40.1 million shares, accounting for 10.02% of its post-IPO total shares. The preliminary inquiry date is set for December 2, with online and offline subscription scheduled for December 5.
Metax specializes in high-performance GPUs, with its products covering three major sectors: AI computing, general computing, and graphics rendering. The IPO proceeds will be allocated to three projects: "R&D and Industrialization of New High-Performance General GPUs," "Next-Gen AI Inference GPU R&D and Industrialization," and "High-Performance GPU Technology Development for Emerging Applications."
In its prospectus, Metax identifies NVIDIA and AMD as overseas peers, while domestic counterparts include Cambricon, Hygon Information Technology, Jingjia Micro, Loongson Technology, and Moore Threads. Non-listed competitors include Huawei HiSilicon, Kunlunxin, T-Head, Enflame Technology, Biren Technology, and Iluvatar CoreX.
The IPO market continues its streak of zero first-day declines. Among the 15 electronics stocks listed this year as of November 28, eight debuted on the ChiNext board, five on the STAR Market, and two on the Shanghai Main Board and Beijing Stock Exchange, respectively. These stocks averaged a 248.04% first-day gain, with a median increase of 229.06%. Dingjia Precision (BJSE) led with a 479.12% surge, while Tongyu New Materials (ChiNext) lagged at 128.05%.
The average issue price for this year's electronics IPOs, including the upcoming Moore Threads, stands at RMB 33.40, with a median of RMB 22.04. Moore Threads' issue price of RMB 114.28 ranks 11th historically in the sector, trailing Navitas, DAR Electronic, ASR Microelectronics, Bestechnic, Puya Semiconductor, Hwatsing Technology, Silan Microelectronics, Oriental Semiconductor, 3Peak, and Giantec Semiconductor.
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