By Scott Murdoch and Donny Kwok
HONG KONG (Reuters) -Shares of China battery giant CATL opened 12.5% higher than the subscription price on Tuesday after the company raised $4.6 billion in its Hong Kong listing, the largest of its kind in the world this year.
CATL shares started trading at HK$296 each in Hong Kong after the firm sold its shares at HK$263 apiece in the listing.
Hong Kong’s Hang Seng Index was up 0.3% in early trading.
CATL, which is also listed in Shenzhen, sold 135.6 million shares in Hong Kong to raise $4.6 billion, which was the largest listing in the city since Midea Group raised the same amount last year.
The institutional tranche of the deal was oversubscribed 15.2 times, according to CATL’s filings, while the retail portion was 151 times oversubscribed.
CATL had aimed to raise about $4 billion in the listing but increased the size of the deal following the strong demand from investors.
(Reporting by Scott Murdoch in Sydney and Donny Kwok in Hong Kong; Editing by Jacqueline Wong and Jamie Freed)
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