Tianqi Lithium aims to raise up to US$2b in Hong Kong listing: sources

CHINA'S Tianqi Lithium will sell its shares for between HK$69 and HK$82 (S$12.2-S$14.5) each for a Hong Kong listing which could raise up to US$2 billion, said 2 sources with direct knowledge of the matter.

Tianqi, one of the world's top producers of lithium chemicals for electric vehicle batteries, plans to sell about 164.12 million shares in what would be the city's largest share sale in 2022, said one of the sources.

If a 15 per cent greenshoe, or over-allotment option, is exercised, the Shenzhen-listed company could raise between US$1.66 and US$1.97 billion, the sources said.

Tianqi plans to open the books from Thursday to Jul 6, and debut in Hong Kong on Jul 13, said the first source.

The sources could not be named as the information was not yet public.

Tianqi did not immediately respond to a request for comment.

Tianqi's float will help revive Hong Kong's banking market with the city's deal volumes flattened by volatile global financial markets.

There has been just US$2.2 billion worth of initial public offerings and secondary listings in Hong Kong so far this year, down from US$30.27 billion at the same time in 2021, according to Refinitiv data.

Tianqi, which is based in Chengdu, announced on Tuesday it had signed a contract to sell lithium to LG Chem. REUTERS