Foxconn Industrial Internet Co, a subsidiary of Foxconn Technology Group, announced its prospectus for an initial public offering in the A-share market, arrangement for insurance and preliminary price inquiry notice on Monday, according to a report by Securities Times.

The company plans to issue 1.97 billion shares on the Shanghai Stock Exchange, which will account for 10 percent of its total share after the issue. In addition, there will be no transfer of old shares at the IPO.

The application date for offline and online purchase will be May 24 and the result will be announced on May 28. China International Capital Corporation is the sponsor of the issue.

According to the prospectus, Foxconn plans to use the proceeds from the offering to invest on eight units, which include industrial internet platforms, cloud computing, high efficiency operation platforms, high efficiency operation data center, communication network, solution on interconnection of 5G and internet of things, research and development on intelligent manufacturing, and the industrial upgrades and capacity expansion on intelligent manufacturing.

The total investment for developing the eight units will be 27.253 billion yuan and funds raised above the requirement will be used as a supplement for working capital.