Enflame

Enflame priced its STAR Market IPO at $20.97 per share, targeting $902 million in gross proceeds. The cloud AI chip maker for data centers remains unprofitable, with Tencent accounting for 83.79% of 2025 sales. Pricing was conservative relative to recent peer debuts (Moore Threads +425%, MetaX +693%, Biren +76%) and well below the peer average 61.8x diluted 2025 price-to-sales ratio.