Chinese battery maker seeks $230 million from HK IPO

Leoch International Technology, a Chinese lead-acid battery manufacturer, is offering 333.33 million new shares at an indicative price of HK$3.75 to HK$5.35 each.

With less than two months left before the year-end break, companies of all sizes keep coming to market to make the most of the IPO frenzy that routinely takes place in Hong Kong towards the end of each year.

Leoch International Technology, a Chinese lead-acid battery manufacturer, kicked off bookbuilding Tuesday for an up to HK$1.78 billion $230 million IPO.

The company is based in Shenzhen just across the border from Hong Kong, and is one of the largest lead-acid battery exporters in China with a 5.8% market share, based on export revenues in 2009. It makes more than 1,500 different types of batteries, including reserve-power, starting, lighting and ignition types, which...

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