Chinese electric vehicle battery maker Farasis Energy has received regulatory approval to raise around 3.4 billion yuan ($479 million) in an initial public offering on China’s Nasdaq-like STAR board, according to a statement by the Shanghai Stock Exchange.
Farasis, which said last year that it planned a share market listing, is expected to be valued at around 30 billion yuan after the IPO, said two sources with direct knowledge of the matter.
