Foxconn's unit targets raising $4.3 billion in biggest China IPO since 2015

Foxconn Industrial Internet, a subsidiary of the world's largest contract manufacturer Foxconn, announced plans to raise up to 27.1 billion yuan ($4.26 billion) in what will be mainland China's biggest IPO in almost three years.

The Foxconn unit, which is known as FII and makes electronic devices, cloud service equipment and industrial robots, is offering up to 1.97 billion shares at 13.77 yuan per share in Shanghai, according to a statement it filed to the stock exchange late on Tuesday.

With 10 percent of its enlarged capital offered in the initial public offering (IPO), Shenzhen-based FII would have a valuation of about $43 billion at listing. Bookbuilding for the IPO is on May 24.

The listing is widely seen as a step for Terry Gou's Foxconn, a major Apple Inc supplier formally known as Hon Hai Precision Industry Co, to wean itself off heavy reliance on manufacturing smartphones for the California-based iPhone maker and to diversify into new areas.

Foxconn has signalled previously that FII will launch projects in areas including smart manufacturing, industrial internet, cloud computing, and fifth-generation wireless technologies.