BEIJING (Reuters) – 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.
Farasis, whose main products are nickel-cobalt-manganese batteries for electric vehicles, aimed to list in the second quarter this year, they added, declining to be named as they were not authorized to speak to media.
Farasis did not immediately respond to a request for comment.
The battery maker is raising the most funds of any company that has received approval so far this year to proceed with a STAR board listing.
The planned listing comes as electric vehicle battery makers in China, the world’s biggest auto market,…
Source Reuters Tech News
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