IPO
City’s biggest IPO this year raised $1.29 billion but share-sale market weak
Ying Dai, vice president of CALB, right, poses for photographs at the company’s listing ceremony at the Hong Kong Stock Exchange. © Getty Images
HONG KONG — Chinese lithium battery supplier CALB finished flat in its Hong Kong trading debut Thursday after raising $10.1 billion Hong Kong dollars ($1.29 billion) in the city’s biggest share sale this year.
The stock struggled to defy a market chill with CALB shares ending the day at their opening price of HK$38. The shares, which were already priced at the bottom of a HK$38 to HK$51 range outlined when the deal was announced, briefly fell as much as 1.7% earlier in the session.