Chinese battery giant Contemporary Amperex Technology Co Ltd (CATL) is planning a $2 billion IPO in Shenzhen. The firm was aiming for the IPO to be completed by the end of June 2018.
CATL plans to use the funds from the IPO to build two new battery plants, including a giant 24 gigawatt hour (GWh) facility, that would help to massively boost its output.
The company competes with Japan’s Panasonic Corp, South Korea’s LG Chem Ltd, local rival BYD and Tesla Motor Inc.
CATL held 10.5 percent of the global electric-vehicle (EV) battery market in 2016, behind only BYD and Panasonic, according to BNP Paribas.