Shares for EV battery firm Farasis jump 76% in Shanghai IPO

Farasis issued around 214 million shares at RMB 15.9 per share, accounting for approximately 20% of the total share capital after the issuance.Shares of Farasis Energy surged in their trading debut Friday, opening 114% above the company’s initial public offer price in early trading, to close 76% higher at RMB 27.96. At that price, its market capitalization is nearly RMB 30 billion.

The listing has been long awaited as global auto majors increasingly seek out sources of Chinese-made EV batteries in an effort to ensure steady battery supply.