Xiaomi-backed Chinese EV battery maker SVOLT files for $2.1b STAR Market IPO

Xiaomi-backed Chinese EV battery maker SVOLT files for $2.1b STAR Market IPO

Tobias Hans, Minister President of Saarland, Germany said in a press conference on November 17, 2020 that SVOLT Energy Technology plans to build two battery production factories, at a combined cost of about 2 billion euros ($2.4 billion), in Saarland. Source: SVOLT Energy Technology

SVOLT Energy Technology Co Ltd, a Chinese electric vehicle (EV) battery maker that counts Xiaomi Corp and IDG Capital among its investors, has filed for an initial public offering (IPO) to raise as much as 15 billion yuan ($2.1 billion) on Shanghai’s Nasdaq-style STAR Market.

SVOLT, a spinoff from Chinese automaker Great Wall Motors, filed its prospectus on Friday with a plan to offer about 1.1 billion shares, or 1.2 billion if it exercises an overallotment option, through the domestic public listing. Chinese investment bank CITIC Securities served as the lead underwriter of the deal.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter