Foxconn Industrial Internet, a subsidiary of the world’s largest contract manufacturer Foxconn, plans to raise 27.1 billion yuan or $4.26 billion through an initial public offering (IPO), Reuters reported.

The Foxconn unit, which makes electronic devices, cloud service equipment and industrial robots, is offering 1.97 billion shares at 13.77 yuan per share on the Shanghai stock exchange.

Foxconn Industrial Internet would have a valuation of 271.3 billion yuan or $42.62 billion at listing.

The move is seen as a step for Foxconn, a major Apple supplier, to wean itself off reliance on manufacturing smartphones for the California-based iPhone maker and to diversify into new areas.

Foxconn has signalled previously that Foxconn Industrial Internet will launch projects in areas including smart manufacturing, industrial internet, cloud computing, and 5G wireless technologies.

Foxconn Industrial Internet’s IPO, expected to launch on May 24, will be the largest Chinese float since 2015.