BRIEF: Lopal Tech to Raise $90 Million in Hong Kong IPO
LFP cathode material manufacturer Jiangsu Lopal Tech Co. Ltd. (2465.HK) launched its IPO on Tuesday, saying it will issue 100 million shares, 10% of which will be offered to local investors in Hong Kong. It announced a price range of HK$4.50 to HK$7, with shares available in lots of 500 at an entry fee of HK$3,535.30. The offering could raise up to HK$700 million ($90 million).
The subscription period ends on Friday, with shares set to make their trading debut next Wednesday. Harvest Oriental is a cornerstone investor and subscribed for 20 million shares.
Lopal said 40% of the funds will be used to pay part of the expenses for the second phase of its new plant in Indonesia, while 40% will be used to pay for new LMFP production lines at its Xiangyang plant in Central China’s Hubei province.
By Lau Chi Hang
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