CAS Space Plans 607 Million Dollar IPO for Rocket R&D
CAS Space aims to raise 4.18 billion yuan on the STAR Market to develop reusable launch tech. This follows the maiden flight of its Kinetica-2 rocket on Monday.
China's CAS Space Technology is seeking to raise approximately 4.18 billion yuan ($607 million) through a planned listing on Shanghai's tech-focused STAR Market. According to a filing on Tuesday, the move comes as domestic space firms capitalize on increased government support to pursue initial public offerings. The Shanghai bourse eased IPO rules for companies developing reusable rockets in late December, reflecting efforts by Beijing to narrow the technological gap in space capabilities with the United States.
Reusable rocket technology is considered a critical component in reducing launch costs and facilitating the deployment of satellite constellations for various applications, including military surveillance and global broadband communication. Based in Guangzhou, CAS Space is a commercial spin-off of the Chinese Academy of Sciences, the nation's largest state research institute. The company joins other private players like LandSpace and GalaxySpace in seeking to tap into capital markets to fund ambitious development programs.
