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BUSINESS & TECH

Battery Maker CATL Gets Green Light for $2.1 Billion IPO

CATL became the world’s largest electric car battery-maker last year. Above: the company’s headquarters in Ningde, Fujian province. Photo: VCG
CATL became the world’s largest electric car battery-maker last year. Above: the company’s headquarters in Ningde, Fujian province. Photo: VCG

China’s largest electric-car battery-maker, Contemporary Amperex Technology Co. (CATL), won regulatory approval on Wednesday for its 13.1 billion yuan ($2.1 billion) initial public offering.

The IPO would value the company at $20.8 billion, making CATL the largest company on the ChiNext board in Shenzhen.

The approval took five months. That’s a lot faster than the pace of most applicants, and underscores China’s efforts to attract more tech listings to its domestic market.

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