The PPK Group Limited (ASX: PPK) share price rose to a record high during late afternoon trade. This comes as the company announced an update in relation to the proposed listing of Li-S Energy Limited (LiS).
At the closing bell, PPK shares finished the day up 9.45% to $21.89. This was just shy of its all-time high of $21.92 reached earlier on.
What did PPK announce?
Investors are fighting to get a hold of PPK shares following the company's latest approval.
According to the release, PPK advised its 48.5% owned subsidiary LiS has received conditional listing approval from ASX. One of the remaining conditions is receipt by LiS of the remaining escrow deeds for particular classes of existing securities.
A common step in connection with a new listing on the ASX, which requires the securities to be placed into escrow for either 12 or 24 months.
LiS is seeking to launch a $34 million initial public offering to commercialise a new generation of high-performance batteries. Approximately 40 million shares are expected to be issued at a price of 85 cents apiece.
The company uses Boron Nitride Nanotubes (BNNT) technology, which allows lithium-sulphur batteries to hold a significantly higher energy capacity than existing lithium-ion batteries.
Li-S holds key patents covering the function of BNNT to create large scale manufacturing of lithium-sulphur batteries.
Over the coming years, Li-S plans to finalise the design and scale up production of the new batteries. Such applications include charging an electric vehicle after 1,000 kilometres of driving, off-grid solar/battery street lighting and more.
Post the capital raising, PPK will increase its stake in LiS to a 50.12% direct and indirect holding.
PPK share price summary
It has been 12 months for PPK investors, watching their wealth grow over 430% in the period. Year-to-date has also been just as impressive, accelerating to gains by more than 275%.
Based on today's price, PPK commands a market capitalisation of roughly $1.93 billion and has around 89 million shares outstanding.
