(Yicai Global) July 29 -- Volkswagen-backed Gotion High-Tech raised USD685 million from its listing in Switzerland, making it the largest public offering on the Six Swiss Exchange so far this year.

The first Chinese battery giant to list in Zurich sold 22.8 million global depository receipts, equal to 114.2 million of its Chinese mainland shares and accounting for 6.4 percent of total equity, Gotion said in a filing to the Shenzhen Stock Exchange today. Its GDRs closed at USD30 each yesterday, the same as the offer price.

Its debut on the Swiss market through GDRs was a milestone in the Hefei-based company’s internationalization, said Li Zhen, founder and chairman.

Citibank is now Gotion’s third-largest shareholder with a 6.4 percent stake. Volkswagen China and Nanjing Guoxuan Holdings are the top two shareholders, with 24.8 percent at 9.6 percent.

Gotion’s Shenzhen-listed shares [SHE: 002074] closed down 3.2 percent at CNY39.07 (USD5.81) today, giving the firm a market capitalization of CNY69.5 billion (USD10.3 billion).

The firm has been accelerating its overseas expansion plans this year. It aims to build 300 gigawatt-hours of battery capacity aboard within three years and have a third of it capacity overseas by 2025.

Last month, Gotion held an inauguration ceremony at its base in Göttingen, Germany, the company's first battery production and operations base in Europe. The first production line of 3.5 GWh is expected to come onstream in September next year. The firm also plans to build a factory in the United States and has discussed with Vinfast, a Vietnamese new energy vehicle maker, the possibility of building a plant in Vietnam.

According to data from the China Automotive Battery Innovation Alliance, Gotion’s installed capacity of power batteries ranked fourth in China with 5.5 GWh in the first half of the year, following Contemporary Amperex Technology, BYD, and China Aviation Lithium Battery Technology

Gotion’s revenue soared 54 percent to CNY10.4 billion last year. Operating profit and net profit plunged 77 percent and 48 percent to CNY39.2 million (USD5.8 million) and CNY76.9 million, respectively, due to surging raw material prices that led to an increase in power battery costs.

Founded in May 2006, Gotion is one of the earliest Chinese firms to enter the NEV power batteries business, with its main product being lithium iron phosphate batteries. The company went public in Shenzhen in May 2015.

Editors: Shi Yi, Futura Costaglione