Electric-vehicle battery maker CALB Co. said on Thursday it plans to raise about HK$11.56 billion ($1.47 billion) in a Hong Kong initial public offering as it looks to raise funds for the construction of battery production lines.
The estimated net proceeds from the Hong Kong listing assumes an offer price of HK$44.50 per share, which is the midpoint of CALB's offer price range.
The company could raise up to HK$13.56 billion based on the maximum offer price of HK$51.00 per share.
CALB said it plans to use the funds to construct EV battery production lines totaling 95 Gigawatt hours for new production facilities in China at Chengdu, Wuhan, Hefei, Guangdong and Sichuan.
