Chinese EV Battery Maker CALB Targets Top Three Rivals After IPO
- Chinese battery maker raised $1.3 billion in Hong Kong IPO
- The current market share is a fraction of leaders CATL, LG Energy
Newly Hong Kong-listed CALB Co. aims to become a top-three player in the electric vehicle battery industry within five years, Chief Executive Officer Jingyu Liu said. Shares in the Changzhou, Zhejiang-based firm opened at $38 Thursday, in line with the IPO price. The offer raised about HK$10.1 billion ($1.3 billion), with the shares sold at the bottom of a marketed range that went as high as $51.