Bat­tery giant CATL plans $2b of­fer­ing

Global Times US Edition - - BIZOVE -

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.

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