BRIEF: CATL jumps in trading debut as Hong Kong’s biggest IPO this year
Shares of electric vehicle (EV) battery maker Contemporary Amperex Technology Co. Ltd. (CATL) (3750.HK; 300750.SZ) opened up 12% from their IPO price in their Hong Kong trading debut on Tuesday, and continued to rise to close up 17% at HK$307.6 by the midday break.
The company sold nearly 118 million shares for HK$263 apiece, with 7.5% allocated to local investors in Hong Kong and the rest going to international buyers. The local tranche of the offering was 150 times oversubscribed. The international tranche was oversubscribed by 14 times, despite being off-limits to U.S.-based investors.
Net proceeds from the listing totaled HK$35.33 billion ($4.52 billion), making it Hong Kong’s and the world’s biggest new listing so far this year. The company will use 90% of the proceeds to construct the first two phases of its new production base in Hungary, with the remainder allocated to general working capital.
By Lau Chi Hang
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