Contemporary Amperex Technology or CATL (SHE:300750, HKG:3750) launched its initial public offering on the Hong Kong Stock Exchange on Monday, aiming to raise as much as HK$31.01 billion from the deal.
The Chinese electric vehicle battery maker is offering 117,894,500 shares at an indicative price of up to HK$263.00 apiece, according to an early morning filing with the Hong Kong bourse Monday.
The final offer price and the results allocation will be determined May 19 and the company's shares will start trading on the Hong Kong bourse May 20.
The company has attracted cornerstone investors, including Sinopec HK, the Kuwait Investment Authority, HHLR CF. L.P., Shanghai Gaoyi and CICC Financial Trading, Perseverance Asset Management and Zenith Hop International, which will subscribe for 77,455,400 shares for a total of approximately HK$20.37 billion.
CATL plans to use the proceeds to advance the construction of the first and second phases of its Hungary project and the rest for working capital and other general corporate purposes.
BofA Securities, CICC, China Securities International and J.P. Morgan act as joint sponsors, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers. Goldman Sachs, Morgan Stanley and UBS are the overall coordinators, joint global coordinators, joint bookrunners and joint lead managers. BNP Paribas Guotai Junan International were tapped to be joint global coordinators, joint bookrunners and joint lead managers.
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