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CATL Kicks Off Investor Orders for What Could Be 2025’s Largest IPO

May 12, 2025, 3:52 a.m. ET

AsianFin -- Contemporary Amperex Technology Co. Ltd. (CATL) has begun taking investor orders for its Hong Kong share offering, which is poised to be the world’s biggest listing so far this year.

The Chinese electric vehicle battery giant is aiming to raise up to HK$41 billion (US$5.3 billion), according to its Monday filing. That figure includes a potential deal upsizing and the exercise of a greenshoe option, on top of a base offering of up to HK$31 billion.

Investor demand was strong early on the first day of bookbuilding, according to people familiar with the matter. CATL is marketing shares at a maximum price of HK$263 apiece—1.4% below Friday’s closing price in Shenzhen, but in line with Thursday’s level. Pricing could be finalized as early as Tuesday, with trading set to begin on May 20.

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