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Tesla Battery Supplier CATL's Rival Eyes $1.7B Hong Kong IPO: Here Are The Details

Chinese battery-maker CALB Co., which is a rival to companies like Contemporary Amperex Technology Co Ltd. (CATL) and Warren Buffett-backed BYD Co. BYDDF BYDDY, is looking to raise as much as HK$13.6 billion ($1.7 billion) in its Hong Kong initial public offering, reported Bloomberg.

CALB specializes in the development, production, sales, and market application of lithium batteries, battery management systems and related integrated products and lithium battery materials. The battery-maker has set up several industrial bases to build industrial clusters in the Yangtze River Delta, Southwest, Central, and the Greater Bay Area to achieve a full range of domestic industrial layouts.

Also Read: Betters Medical Looks Ailing Going Into Hong Kong IPO

Price: CALB will commence taking orders from investors for nearly 265.8 million shares and is marketing them at between HK$38 and HK$51 each, the report said, citing a statement. At the top price, it would be the third largest Hong Kong listing of 2022, the report said.

Huatai International Ltd. is the sole sponsor of CALB’s Hong Kong IPO.

CALB Co. will use the funds raised via the IPO for building and expanding production bases, research and development, working capital and general corporate use, according to the terms.

The company is ranked sixth by sales in the global electric-vehicle battery market in July, according to data released by Seoul-based SNE Research last week. CATL, a supplier to Tesla Inc. TSLA and NIO Inc. NIO.

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