EV battery maker CALB set to raise $1.47b in Hong Kong IPO

Source: CHUTTERSNAP/Unsplash

Electric vehicle battery maker CALB Co Ltd said on Thursday it plans to raise about HK$11.56 billion ($1.47 billion) in a Hong Kong initial public offering as it looks to raise funds for the construction of 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 totaling 95 Gigawatt hours for its new production facilities in China at Chengdu, Wuhan, Hefei, Guangdong and Sichuan.

Reuters

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter

You have 3 free stories remaining for the month. Register to continue reading our content