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.
