Lygend Resources & Technology Co., a Chinese nickel producer and trader, wants to raise as much as $593 million in its Hong Kong initial public offering, becoming the latest company along the electric-vehicle supply chain to tap public markets inThe company, based in Ningbo, China, said Monday that it is taking investor orders through Thursday, and that it expects to list on Dec. 1. Its offer price will be somewhere from HK$15.60—equivalent to $1.99—to HK$19.96 apiece, Lygend said.
EV-related businesses are trying to scale up and gain a deeper foothold in China’s large—and increasingly crowded—automobile market. Lygend, which gets most of its revenue from customers in mainland China, will join the likes of EV battery supplier CALB Co.
Chinese state-owned entities have supported this year’s IPOs in Hong Kong, such as by participating as so-called cornerstone investors. Five cornerstone investors—including a Chinese national fund and a state-owned enterprise under the Ningbo government—have agreed to buy HK$2.55 billion in Lygend shares and hold them for at least six months. At the low end of the pricing range, the cornerstone investments would comprise about 70% of shares on offer.
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