Chinese lithium battery maker CALB shares open in line with issue price in HK$38 debut

HONG KONG Chinese lithium battery maker CALB Co's shares opened in line with the HK $38 issue price in the company's Hong Kong Stock Exchange debut on Thursday.

The company raised $1.28 billion in its initial public offering IPO, the largest in Hong Kong in 2022.

Hong Kong's Hang Seng Index went up 0.07 per cent at the open and is up 5.1 per cent this week, going for the biggest weekly percentage gain since early November 2020.

CALB sold 265.8 million shares and set the price of the stock at the bottom of the HK $38 to HK $51 per share range outlined when the deal was launched.

The deal received a lot of lukewarm response from investors with retail shareholders not taking up to their full entitlement of shares on the offer, according to CALB's listing documents.