CALB Co., a Chinese battery supplier for electric vehicle makers, is planning to go public in Hong Kong.
The company will start taking orders from investors for 265.8 million shares and will be selling them for between HK$38 and HK$51 per share. The third largest listing of the year would be at the top price.
The IPO is part of a group of potential listings that could revive Hong Kong's lagging IPO market. The funds raised in the Asian financial hub have fallen due to rising inflation and rising rates.
CALB is a manufacturer of batteries for electric vehicles. According to its website, it has major production bases in China. According to a preliminary prospectus, the company supplies batteries to the EV brands of cars. Leapmotor wants to raise as much as $1 billion in an IPO in Hong Kong.
According to data released by SNE Research this week, CALB ranked sixth in global sales of EV batteries in July.
There is a new Chinese EV battery giant.
Despite the global recession and stringent Covid-19 containment measures in China, electric vehicle related firms are drawing investor interest. The first half net income of the company skyrocketed by almost 12,000%. The company raised over $1 billion in a Hong Kong listing.
CALB's Hong Kong IPO is sponsored by a company called Huatai International.
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