(April 17): Envision AESC, a major global manufacturer of lithium-ion batteries for electric vehicles and energy storage systems, is considering an initial public offering (IPO) in Hong Kong as soon as this year, according to people familiar with the situation.
The company, which counts Singaporean wealth fund GIC Pte Ltd and private equity firm HSG as backers, is working with China Merchants Securities Co, Deutsche Bank AG and Huatai Securities Co on the potential share sale, the people said, asking not to be identified discussing a private matter. It could raise US$1 billion ($1.27 billion) to US$2 billion from the offering, two of the people said.
Deliberations are ongoing and details such as timing and size may change, the people said. A representative of Envision declined to comment. Deutsche Bank and Huatai declined to comment, while China Merchants Securities didn’t respond to a request seeking comments.
The company has production facilities in countries such as the US, the UK, France, Spain, China and Japan. Its clients include some of the world’s largest carmakers.
The battery maker was originally part of Nissan Motor Co. In 2019, Shanghai-based Envision acquired a controlling stake for an undisclosed amount. Nissan retained a minority stake.
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