Report: BYD receives approval for China IPO

Today, Chinese automaker BYD will kick off its so-called IPO roadshow. The Warren Buffet-backed BYD, the darling of China's automotive industry, is looking to sell up to 79 million shares in its push to go public in China. BYD didn't disclose exactly how much coin it expects to raise in its IPO, but did say that proceeds from the offering will fund three projects that require a total investment of 5.38 billion yuan ($830 million U.S. at the current exchange rate).

In its prospectus released Wednesday, BYD stated that funds from its IPO will be used to construct a lithium-ion battery production facility, establish a vehicle research and development center and expand its automotive unit. The automaker says that it will disclose the official price for its IPO on June 20. BYD expects to be listed on the Shenzhen Stock Exchange by the end of June.

[Source: Business Week]

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