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 BYDDYintends to raise up to HK$13.6 billion (US$1.7 billion) in its Hong Kong IPO, the company reported Bloomberg.
CALB is specialized in the development, production, sales and market application of lithium battery, battery management system and related lithium battery integrated products and materials. The battery maker has established several industrial bases to build industrial clusters in the Yangtze River Delta, Southwest, Central and Greater Bay Areas to achieve a full range of domestic industrial layouts.
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Price: CALB will begin taking orders from investors for nearly 265.8 million shares and will market them at between HK$38 and HK$51 a share, the report said, citing a statement. At the peak price, it would be the third-biggest listing in Hong Kong in 2022, the report said.
Huatai International Ltd. is the sole sponsor of CALB’s Hong Kong IPO.
CALB Co. will use the funds raised above initial public offering for the establishment and expansion of manufacturing facilities, research and development, working capital and general corporate use according to the Conditions.
The company ranks sixth by sales in the global electric vehicle battery market as of July, according to the Seoul-based company SNE research last week. CATL, a supplier of Tesla Inc. TSLA and NIO Inc. NEVER.
