REPT Battero Energy Co. has added Credit Suisse Group AG to arrange its planned Hong Kong initial public offering, which could raise as much as $1 billion, according to people familiar with the matter.
(Bloomberg) — REPT Battero Energy Co. has added Credit Suisse Group AG to arrange its planned Hong Kong initial public offering, which could raise as much as $1 billion, according to people familiar with the matter.
The Chinese battery maker for electric vehicles has selected the Swiss bank as a joint global coordinator for the first-time share sale, which could happen as soon as in the first half of this year, the people said. Morgan Stanley and Citic Securities Ltd. have the top roles as sponsors on the deal, a preliminary prospectus filed in December shows.
At $1 billion, REPT’s IPO could be Hong Kong’s biggest since EV battery maker CALB Co.’s $1.3 billion listing in October, according to data compiled by Bloomberg. Bankers and analysts are expecting a recovery in first-time share sales in Hong Kong after the worst year for IPOs since the financial crisis as China reopened its borders.
Read more: Hong Kong IPOs to Come Back in 2023 as China Reopens: ECM Watch
Discussions are ongoing and more banks could be added, according to the people, who asked not to be identified as the information is private. Details of the offering such as size and timing could change as well, they added. A representative for Credit Suisse declined to comment, while a representative for REPT didn’t immediately respond to requests for comment.
Founded in 2017, REPT develops lithium-ion batteries used in electric vehicles and applications for power and energy storage, according to its website. The company has production facilities in Wenzhou and Jiashan, both in Zhejiang province, its filing shows. It also runs a research and development center in Shanghai.
–With assistance from Danny Lee.
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