Battery maker Envision AESC mulls up to $2B Hong Kong IPO

Envision AESC, a major global manufacturer of lithium-ion batteries for electric vehicles and energy storage systems, is considering an initial public offering in Hong Kong as soon as this year. The company could raise between $1 billion and $2 billion from the offering, according to people familiar with the matter. The battery maker, which counts Singaporean wealth fund GIC Pte and private equity firm HSG as backers, is working with banks on the potential share sale. The people asked not to be identified discussing private matters. Envision AESC produces batteries used in electric vehicles and grid-scale energy storage projects globally.