Chinese electric vehicle battery maker CALB said on Thursday that it would raise as much as $1.73 billion to gain further momentum, by pricing its shares at up to HK$51 ($6.5) in a Hong Kong initial public offering next month. China’s third biggest battery supplier, CALB reported sales of 10 gigawatt-hours of batteries from January to July. The Jiangsu-based company still trails behind its major competitors, with only 12% of the sales of CATL and a third of BYD, according to SNE Research. Backed by the Aviation Industry Corp of China, a state-owned conglomerate, CALB has partnered with automakers such as GAC, Xpeng Motors, and Nio. [The Wall Street Journal]