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Chinese battery manufacturer CALB Co.rival of companies like Contemporary Amperex Technology Co Ltd. (CATL) Y BYD Co. (OTC:BYDDF) (OTC:BYDDY), supported by Warren Buffetis seeking to raise up to 13.6 billion Hong Kong dollars ($1.7 billion) in its Hong Kong initial public offering, as reported by Bloomberg.
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CALB specializes in the development, production, sales and market applications of lithium batteries, battery management systems and related integrated products and lithium battery materials. The battery manufacturer has established several industrial bases to build industrial clusters in the Yangtze River Delta, the Southwest, the Center and the Greater Bay Area to achieve a full range of domestic industrial designs.
CALB will start taking orders from investors for nearly 265.8 million shares and will trade them at a price of between HK$38 and HK$51 each, it was reported, citing a statement. At the higher price, it would be Hong Kong’s third-largest listing of 2022, as reported.
Huatai International Ltd. is the sole sponsor of CALB’s Hong Kong initial public offering.
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The company will use the funds raised through the IPO to build and expand bases for production, research and development, working capital and general corporate use, in accordance with the terms.
The company ranked sixth by sales in the global electric vehicle battery market in July, according to data released by SNE Researchbased in Seoul, last week.