Chinese AI chipmaker Enflame debuted on Shanghai’s STAR Market today, opening at RMB410 versus its RMB142.18 IPO price before climbing as high as RMB460.

The offering raised about RMB6.12B, valuing the company at roughly RMB61.19B at issuance. Its IPO price was the third-highest among this year’s new listings.

The offer valued Enflame at 61.8 times 2025 sales—already a steep multiple before the debut rally.