Battery giant CATL plans $2b offering
Chinese battery giant Contemporary Amperex Technology Co (CATL) plans an IPO of 13.1 billion yuan ($1.97 billion) in Shenzhen to drive its expansion and meet soaring demand for electric car batteries.
CATL said in a prospectus it would issue 217 million new shares, or about 10 percent of its enlarged capital. The proceeds will be used to build two battery plants. The IPO suggests a valuation of about $20 billion. The company’s move to list on China’s ChiNext board will give investors a potential way into a company pegged as one of China’s electric car battery champions.