Particle.news
Download on the App Store
4 ARTICLES
·
last wk.

CATL Hong Kong IPO Oversubscribed in Largest Global Listing of 2025

The battery giant aims to raise up to $5.3 billion to fund European expansion, with final pricing set for May 19 and trading to begin May 20.

An electric vehicle (EV) battery is displayed at the booth of battery maker CATL during the first China International Supply Chain Expo (CISCE) in Beijing, China November 28, 2023. REUTERS/Florence Lo/File Photo
Image
Image
Image

Overview

  • CATL's Hong Kong listing has drawn strong demand, with books multiple times oversubscribed by sovereign wealth and long-only investors.
  • The offering seeks to raise at least HK$31.01 billion ($3.99 billion), with options to expand to HK$41 billion ($5.3 billion) through share adjustments and a greenshoe option.
  • More than 20 cornerstone investors, including Sinopec and Kuwait Investment Authority, have committed $2.62 billion to the IPO.
  • Approximately 90% of the proceeds, around HK$27.6 billion, will fund the construction and expansion of CATL's Hungary-based EV battery manufacturing hub.
  • Underwriters are earning slim fees of just 0.2% of proceeds, reflecting fierce competition in Hong Kong's IPO market.