Contemporary Amperex Technology Co., Limited (CATL) raised $4.6 billion through its initial public offering on the Hong Kong Stock Exchange, marking the largest global listing so far in 2025. Final pricing was set at HK$263 per share, the top end of the company’s indicated range, according to a term sheet reviewed by Reuters.
The offering comprised 125.4 million shares allocated to institutional investors and 10.16 million shares reserved for Hong Kong retail investors. Underwriters hold an option to sell an additional 17.7 million shares, which, if exercised, would raise the total proceeds to approximately $5.3 billion. Such an outcome would surpass last year’s $4.6 billion listing by Midea Group and become the largest equity issue in Hong Kong since Kuaishou Technology’s $6.2 billion initial public offering in 2021.
CATL’s shares are expected to begin trading on Tuesday. Representatives for the company did not immediately respond to requests for comment. A consortium of international investment banks led the placement, targeting a balanced mix of institutional and retail participation.
The successful listing underscores robust investor demand for technology and green energy providers amid accelerating global electrification trends. CATL is a key supplier of lithium-ion battery cells and energy storage systems for electric vehicles, consumer electronics, and large-scale renewable energy installations. Proceeds from the IPO are anticipated to fund expansion of manufacturing capacity, research and development efforts, and enhancements to battery recycling operations.
Industry analysts note that the capital infusion will bolster CATL’s ability to pursue long-term supply agreements with automakers and energy companies worldwide. The IPO also reflects growing confidence in the sustainable mobility sector and the strategic importance of securing battery supply chains.
Source: Reuters
