New Delhi, July 20 -- China's biggest initial public offering since 2010 arrives at an unusually favorable moment: AI has created a memory-chip shortage, prices are soaring, and an industry notorious for booms and busts is minting profits again.

ChangXin Memory Technologies is expected to raise 57.9 billion yuan, or about $8.6 billion, in its Shanghai offering. If the overallotment option is fully exercised, the total could reach 66.7 billion yuan, or $9.8 billion.

The offering values CXMT at roughly $85 billion before trading begins July 27 on Shanghai's technology-focused STAR Market.

Another Chinese memory champion, Yangtze Memory Technologies (YMTC), has entered China's formal pre-IPO tutoring process, though it hasn't announced a ...