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Calb to Tap More Banks for $1.5 Billion Hong Kong IPO, Sources Say

  • EV battery maker selects Citi, Credit Suisse and JPMorgan
  • Huatai is sole sponsor on the deal, preliminary filing shows

Calb Co., a Chinese battery supplier for electric vehicle makers, has added more banks to arrange its planned Hong Kong initial public offering, which could raise as much as $1.5 billion, according to people familiar with the matter.

The Jiangsu-based battery maker selected Citigroup Inc., Credit Suisse Group AG and JPMorgan Chase & Co. as joint global coordinators for the first-time share sale, the people said. They will join Huatai International Ltd., which is the sole sponsor on the deal, according to a preliminary prospectus filed to the stock exchange in March.