Tianqi Lithium Corp. , one of the world’s largest producers of battery-grade lithium compounds, said Wednesday that it plans to raise the equivalent of up to $1.7 billion in a Hong Kong initial public offering, braving a subdued global market for stock issuance.
Investment banks handling the transaction will start taking orders from investors on Thursday and price the deal on July 6. The lithium producer expects to list on July 13.
The listing is poised to become the largest IPO in Hong Kong so far this year. Tianqi Lithium set a maximum price for its shares of 82 Hong Kong dollars, the equivalent of $10.45 apiece. At that price, Tianqi Lithium would pocket about $1.7 billion from the share sale.
Tianqi Lithium shares
are already traded in mainland China, and the high end of the IPO price range is roughly 43% below the Wednesday closing price of its Shenzhen-listed stock.
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