Chinese chipmaker Enflame 4,073 times oversubscribed in Shanghai IPO amid Nvidia race

Enflame Technology, one of China’s leading AI chipmakers, has sparked a retail frenzy for its 6.12 billion yuan (US$910.9 million) Initial Public Offering in Shanghai’s tech-heavy Star Market, underscoring growing investor appetite for home-grown alternatives to Nvidia.The Tencent Holdings-backed chipmaker saw the retail portion of its IPO oversubscribed by 4,073 times, with about 7 million online investors alone submitting orders for 42.1 billion shares, according to its filing to the exchange on Wednesday.The high demand amounted to an allocation rate for individual investors of just 0.025 per cent. That made it one of the lowest in mainland China this year alongside robotics maker Unitree Robotics, whose rate was just 0.018 per cent, or about one successful lot for every 5,500 applications.