Reuters exclusively reports German battery group BMZ is planning for September IPO

Reuters exclusively reported that German battery group BMZ is preparing for a Frankfurt stock market listing as early as September with a targeted valuation of about 2 billion euros. The plans have been forged as battery makers scramble to keep up with demand as the automotive industry and other sectors switch to electric to reduce planet-warming carbon emissions, raising investor interest in pioneering battery businesses. BMZ is working with Citi, JP Morgan and Berenberg on the initial public offering, which will sell shares worth about 500 million euros, Reuters sources said.