China-made smartphone now worth $4 Billion
Chinese smartphone maker Transsion has raised nearly $400 million in an IPO on China’s new, tech-focused stock market.
On Wednesday the Shenzhen-based company said in a stock market filing that it sold 80 million in shares for 35.15 Yuan ($4.93) each, raising 2.81 billion Yuan ($395 million)
The share sale pushed Transsion’s valuation to $3.95 billion, establishing the company as one of the major attractions on the Star Market.
The company said that its shares would begin trading “as soon as possible.”
Transsion, the makers of the Itel and Infinix phones, doesn’t do business in China, despite being based there. Instead, it controls a huge part of the smartphone market in Africa with its Tecno brand.