China's CALB shares open flat in Hong Kong listing debut (updated)

CALB

06/10/2022 02:36

(Adds IPO detail)
    By Scott Murdoch and Donny Kwok
       HONG KONG, Oct 6 (Reuters) - Chinese lithium battery
maker CALB Co's  3931.HK  shares opened in line with their HK$38
apiece 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  .HSI  rose 0.07% at the open
and is up 5.1% so far this week, heading 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 lukewarm response from investors with
retail shareholders not taking up to their full entitlement of
shares on offer, CALB's listing documents showed.
    The institutional portion of the IPO was 2.11 times covered
which was well below the traditional subscription rates of Hong
Kong IPOs.
 (Reporting by Scott Murdoch and Donny Kwok; Editing by
Muralikumar Anantharaman and Christopher Cushing)
 ((Scott.Murdoch@thomsonreuters.com;))