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Contemporary Amperex Technology cuts IPO goal

China's electric-car battery maker Contemporary Amperex Technology Ltd., or CATL, cut the amount it aims to raise in an IPO, targeting less than half of what it originally planned, Bloomberg News reported May 29.

The company is now expected to raise a net 5.46 billion yuan, or $853 million, and plans to sell a 10% stake for 25.14 yuan per share. The offering now values the company at about $8.5 billion.

A CATL representative told Bloomberg that the reduced target is due to Chinese regulators capping price-earnings ratios in IPOs.

The offering is meant to finance the company's new 24 gigawatt-hour factory in Fujian Province, and to develop next-generation battery technologies, the news outlet reported.

As of May 29, US$1 was equivalent to 6.42 Chinese yuan.