Sunwoda Battery Said to Seek $580 Million Funds Before IPO (1)

The electric-vehicle battery unit of Sunwoda Electronic Co. is considering raising as much as 4 billion yuan ($580 million) of fresh funds ahead of an initial public offering on Shanghai’s Star board market, according to people familiar with the matter.

Sunwoda Electric Vehicle Battery Co. could seek a valuation in the round exceeding 30 billion yuan, the people said. The Shenzhen-based firm is working with an adviser and has reached out to potential investors, the people said. It could file for the first-time share sale as soon as June, one of the people said.

Deliberations are ongoing and details such ...