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CATL lists in Hong Kong, with most of the raised funds to be used for a new factory in Hungary. (Photo: CATL)
China’s largest electric vehicle (EV) battery manufacturer, Contemporary Amperex Technology Co. Limited (CATL), was listed on the Hong Kong Stock Exchange on May 20, aiming to raise up to USD 5.3 billion. This could become the world’s largest IPO of the year. Most of the funds will be allocated to the company’s new plant in Hungary, further strengthening CATL’s global leadership in the clean energy sector.
Strong institutional demand ahead of listing
According to the company’s prospectus, CATL plans to offer 125.4 million shares to institutional investors and 10.16 million shares to retail investors, with a maximum offer price of HK$263 per share (about USD 33.6). Should market demand prove strong, CATL may exercise the Greenshoe Option to issue an additional 17.7 million shares, bringing the total fundraising to $5.3 billion.
