New Delhi, July 20 -- BEIJING - Chang Xin Memory Technologies, the Chinese chipmaker known as CXMT, raised $8.6 billion in an initial public offering on Shanghai's STAR Market this week, attracting 212 times more investor demand than shares were available in what stands as China's largest semiconductor listing and the most visible single act yet in Beijing's effort to build a domestic competitor to Samsung, SK Hynix, and Micron Technology in the global market for DRAM chips.

The IPO priced CXMT at a market capitalization of roughly $85 billion, placing China's most advanced DRAM producer in the same tier as SK Hynix and Micron by market value despite being significantly smaller in revenue and behind in process technology. Trading on the ...