BYD, aka Build Your Dreams, is a well known Chinese automaker and battery produced backed by billionaire investor Warren Buffet. The company said earlier this week that is moving forward with an initial public offering that will raise money for a huge expansion.
BYD said in a notice to the Hong Kong Stock Exchange that it was starting price consultations with investors after getting regulatory approval for the IPO on the Shenzhen Stock Exchange. The company currently has shares traded in Hong Kong.
BYD plans to list 79 million shares, which is expected to raise 2.2 billion yuan ($338 million USD). Buffet owns a 9.9 stake in BYD.
The company said the money raised from the IPO will be invested into auto research, development and production base in it’s hometown of Shenzen. BYD also has plans to build a lithium battery factory.
– By: Omar Rana