CALB Launches Up to $1.7 Billion Hong Kong IPO

09/23/2022 | 12:17am
(MT Newswires) -- CALB (HKG:3931) is expected to raise up to HK$13.56 billion ($1.73 billion) from its initial public offering in Hong Kong, a deal that could eclipse Onewo's (HKG:2602) HK$6.15 billion IPO in the Asian financial hub.

The electric vehicle battery maker launched Friday its IPO of 265,845,300 H-shares, to be priced in the range of HK$38.00 to HK$51.00 per share, according to a same-day filing.

The company expects to determine the price of the IPO on Sept. 28. The company will disclose the results of the offer on Oct. 5 and make its trading debut a day after.

CALB will use about 80% of the proceeds to construct production lines for its electric vehicle batteries. It will also use the funds for research and development, and for working capital.

The company attracted Tianqi Lithium (HKG:9696, SHE:002466), Wang Sing International Resources, Han’s Laser Technology, CNGR Hong Kong, Tibet Nord Technology, Heshi Composite, Changzhou Jingce, Xing Fa, XPeng, TMA, Lv Lizhi, Jiangsu Pure Precision, Vivo Mobile, Jiangmen New Energy, and Hefei Beicheng as cornerstone investors.

Huatai International, J.P. Morgan Securities, Citigroup, Credit Suisse, and Futu Securities International are the joint bookrunners and lead managers of the offering.

MT Newswires 2022
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