Chinese EV maker Zhejiang Leapmotor aims to raise $1.03 bn in Hong Kong IPO, largest in the city this year
COMPANY NEWS STOCKS
Chinese EV maker Zhejiang Leapmotor aims to raise $1.03 bn in Hong Kong IPO, largest in the city this year
COMPANY NEWS STOCKS

Chinese EV maker Zhejiang Leapmotor aims to raise $1.03 bn in Hong Kong IPO, largest in the city this year

 

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Chinese electric vehicle maker Zhejiang Leapmotor Technology is aiming to raise $1.03 billion in a Hong Kong IPO, showed regulatory filings, which would make it the largest in the city this year.

The company is selling 130.82 million shares in the deal that will be sold in a price range of HK$48 to HK$62 each, the filings showed.

Leapmotor had reportedly planned to raise $1.5 billion but reduced the size of the deal after a lukewarm response from investors.

Leapmotor has locked in five cornerstone investors – led by the Zhejiang and Jinhua industrial funds – who will buy up to $308.33 million shares, according to the filings.

Leapmotor produces four electric vehicle models that mainly target China’s middle- and lower-end mass market in a 79,500 yuan-300,000 yuan ($11,466.40-$43,269.44) price range, according to its prospectus.