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
To subscribe to Bamboo Works weekly free newsletter, click here
