Avatr targets 2026 IPO after series C success
chinadaily.com.cn | Updated: 2024-12-18 13:54
Chinese NEV maker Avatr has initiated preparations for its public listing, aiming for an IPO in 2026.
It did not disclose where it plans to list its shares or how much it aims to raise through the IPO.
The premium arm of State-owned carmaker Changan revealed the schedule on Tuesday, when it announced that it had finished a Series C financing round, raising over 11 billion yuan ($1.51 billion).
Besides, Avatr said it plans to complete the full transfer of investment funds to Huawei's Yinwang, the Chinese technology giant's smart auto solutions unit, by the first half of next year.
The two inked the deal in August, in which Avatr agreed to purchase a 10 percent stake in Yinwang for 11.5 billion yuan.
Avatr, empowered by Changan, Huawei and CATL, has launched three models, with the fourth one scheduled to be launched in the second quarter of 2025.
Its sales have been rising, with deliveries exceeding 10,000 units in October and November respectively.
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