Chinese memory chipmaker CXMT is set to launch investor subscriptions for its highly anticipated IPO next week, marking the final phase of what could become mainland China’s largest public offering since 2022.

The company plans to issue 6.688 billion shares to raise at least 29.5 billion yuan ($4.3 billion), with proceeds potentially topping $5 billion if the overallotment option is exercised.

As the world’s fourth-largest DRAM producer, CXMT intends to use the funds to expand its manufacturing capacity and advance its memory-chip technology. The listing comes amid strong investor demand for Chinese semiconductor companies, fueled by AI growth and Beijing’s push for greater technological self-sufficiency.

The IPO also follows reports that Apple is seeking US approval to source memory chips from CXMT despite the company appearing on a Pentagon blacklist. Book building starts July 13, pricing is scheduled for July 15, and investor subscriptions will run through July 20.