Beijing Auto Plans IPO Worth As Much As $3.2 Billion

Beijing Automotive Group Co. expects to raise between $1.6 billion and $3.2 billion in a Hong Kong-based initial public offering in the second half of 2014.

The IPO will be handled by Goldman Sachs Group and Morgan Stanley, according to Bloomberg News. Beijing Auto Chairman Xu Heyi told the news service last year the company intends to sell some shares in China.

Beijing Auto makes cars in China through partnerships with Daimler and Hyundai. Daimler and Beijing Auto said in March they plan to spend about €1 billion ($1.4 billion) to double annual capacity in China to 200,000 units by the end of 2015. Their factory in Beijing makes C-Class and E-Class sedans and midsize GLK crossovers and will add the GLA crossover in 2015.