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Chinese EV Battery Maker CALB Targets Top Three After IPO

  • Firm raised $1.3 billion selling shares in Hong Kong IPO
  • Market share is still a fraction of leaders CATL, LG Energy
Bloomberg business news
WATCH: CALB aims to be a top-three player in the EV battery industry within five years. CEO Jingyu Liu spoke exclusively Bloomberg.Source: Bloomberg
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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, Jiangsu-based firm ended at HK$38, matching the IPO price after dipping as low as HK$37.15. 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.