TAIPEI -- Printed circuit board maker Avary Holding Shenzhen, an associate of Foxconn Technology Group, on Tuesday said it plans to raise 3.6 billion yuan ($527 million) in an initial public offering in Shenzhen to expand its market share and attract talent from China and Taiwan.

Avary is a subsidiary of Taiwan-based Zhen Ding Technology Holding, in which Foxconn, traded as Hon Hai Precision Industry, is the largest shareholder with a 37% stake. Like Foxconn, Avary is also a key supplier to Apple.

The date of the initial public offering has not yet been disclosed. If successful, Avary's Shenzhen IPO will be the second company linked to Foxconn to debut in China following Foxconn Industrial Internet's listing on the Shanghai Stock Exchange in June.

"The IPO will largely increase the company's capital capability, which could ensure our investments to smoothly carry out, expand and cement our leading position in the industry," said Avary Chairman Charles Shen, who is also ZDT chairperson, during an online roadshow of the company.

The Shenzhen-based Apple supplier is the biggest PCB maker in the industry and commands 6% global market share by revenue in 2017, according to research house Prismark. Its circuit boards are widely used in smartphones, tablets, wearable products, notebook computers, servers and automotive electronics. Its competitors include Nippon Mektron, California-headquartered TTM Technologies and Taiwan's Flexium Interconnect.

Avary plans to float 10% of its shares, or 231,143,082 shares, on Shenzhen Stock Exchange's SME Board at an offer of 16.07 yuan apiece. That price translates into trailing price-to-earnings ratio of 19.59 times, which is substantially higher than its parent's 12.03 times in Taiwan.

Shen said 2.4 billion yuan of the IPO proceeds will be spent on expanding production at Avary's subsidiary in the Chinese city of Huai'an in Jiangsu Province, while 1.2 billion yuan will be invested on growing capacity at its plant in Qinhuangdao city in Hebei Province.

FII, which made its debut at 13.77 yuan per share, surged 44% to 19.83 yuan upon listing, driving its market capitalization to 390 billion yuan. But those shares have since been sluggish and closed at 14.93 yuan on Tuesday, representing a market value of 294.05 billion, in part hurt by general worries about the escalating trade war between Washington and Beijing.

In response to investors' concerns over that issue, Shen said Avary would draft operational strategies and measures to cope with any changes in the trade environment.

"We remain upbeat about the company's outlook in the long term," said Shen.