Investors began subscribing to new shares of BYD Co. Ltd., the Chinese car maker backed by U.S. billionaire investor Warren Buffett, on June 21 after the company set its initial public offering (IPO) price at 18 yuan ($2.8) a day before.

The company, which already has shares listed in Hong Kong, planned to sell up to 79 million shares, in an IPO on the Shenzhen Stock Exchange (SSE) on June 20.

BYD Chairman and founder Wang Chuanfu said the company aims to focus on new energy while enhancing business in traditional cars and electronic products.

The automaker planned to use the raised money to establish a research and manufacturing base and invest in a lithium battery production project and expand its auto unit projects.