Electric Vehicles

EV battery maker CALB targets $1.47 billion Hong Kong IPO

 

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.

 

Also on AF: China EV Giants Revved Up For European Sales Drive

 

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

 

Read more:

China’s Reliance on Foreign Battery Metals a ‘Risk to EV Sector’

China’s CATL to Build Europe’s Biggest EV Battery Plant

Korea Battery Maker SK On Seeks $3bn in Pre-IPO Funds

 

 

Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.

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