Chinese battery manufacturer CALB Co.which is a rival of companies like Contemporary Amperex Technology Co Ltd. (CATL) and Warren Buffett-supports BYD Co. BYDDF BYDDYhas begun measuring investor demand following its $2 billion Hong Kong IPO, the company reported Bloomberg.
The Jiangsu-based lithium battery maker will analyze demand for its shares from Sept. 12-22 under the terms of the deal obtained by Bloomberg.
use of funds: CALB plans to raise up to $2 billion, including an over-allotment option, the report said, citing sources. The company will use the funds raised in excess of that initial public offering for the construction and expansion of manufacturing facilities, research and development, working capital and general corporate use, the terms said.
If the IPO succeeds, it could be among the biggest primary stock sales in Hong Kong this year, led by China Tourism Group Duty Free Corp.which plans to raise $2.1 billion, the report said.
ranking: CALB Co. ranks sixth by revenue in global electric vehicle battery market in July, ahead of South Korea Samsung SDI Co., the report said, citing data released by Seoul SNE research last week. CATL which is a supplier of Tesla Inc. TSLA and NIO Inc. NEVERis first on the list.
