Electric-vehicle battery maker China Aviation Lithium Battery Co Ltd (CALB) hopes to raise about HK$11.56 billion ($1.47 billion) in a Hong Kong initial public offering as it looks to gather funds to build new battery production lines.
The estimated net proceeds from the Hong Kong listing assumes an offer price of HK$44.50 per share, which is the midpoint of CALB’s offer price range.
The company could raise up to HK$13.56 billion based on the maximum offer price of HK$51.00 per share.
CALB said it plans to use the funds for constructing EV battery production lines totalling 95 Gigawatt hours for its new production facilities in China at Chengdu, Wuhan, Hefei, Guangdong and Sichuan.
- Reuters with additional editing by Sean O’Meara