Asian Tech Press (Nov 15) -- Chinese battery maker Sunwoda Electronic Co. raised about $440 million in an IPO in Sweden.

Sunwoda formally listed and started trading on the SIX Swiss Exchange on Monday, following Chinese rival Gotion High-tech Co Ltd's successful listing in Sweden at the end of July this year.

In this IPO, Sunwoda issued 28,759,000 global depository receipts (GDRs) at an offering price of $15.3, raising approximately $440 million.

Founded in 1997 and headquartered in Shenzhen, Sunwoda specializes in the R&D, design, manufacturing and sales of lithium-ion battery cells and modules.

The company has entered into strategic partnerships with a number of automobile companies, including Geely, GAC, SAIC, Renault Group and Nissan Motor.