(Bloomberg) -- Contemporary Amperex Technology Co. Ltd., the world’s biggest maker of batteries for electric cars, has priced its jumbo stock offering at 410 yuan per share, people familiar with the matter said. 

The Chinese company, better known as CATL, was seeking about 45 billion yuan ($6.7 billion) from the A-share private placement. The final price represents a 12% discount to the company’s Wednesday closing price in Shenzhen and is around a 21% premium to the offering’s floor price of 339.67 yuan. 

CATL, based in Ningde in eastern China’s Fujian province, kicked off the share sale on Monday after flagging its intention to raise funds last year. In November, it said it was cutting the size to 45 billion yuan from 58.2 billion yuan. Proceeds will be used for the production and upgrade of lithium-ion battery manufacturing in four Chinese cities, as well as research and development.

Shares in CATL jumped 5.4% on Wednesday after the China Securities Journal reported company received high demand for the private placement, citing market rumors. 

A representative for CATL didn’t immediately reply to a request for comment outside regular business hours.

©2022 Bloomberg L.P.