Electric carmaker Xpeng improves pricing for expanded US IPO
Tesla Motors Inc
$320.72
13:09 15/11/24
3.07%
$9.54
Chinese electric vehicle maker Xpeng could raise approximately $1.5bn from its US initial public offering after raising the price of its shares to $15.
Nasdaq 100
20,394.13
12:15 15/11/24
-2.40%
-502.54
According to Bloomberg, the price was higher than initial guidance for a price of $11 to $13 per share that the company provided a week before.
Alibaba-backed Xpeng will sell 99.7m American Depository Shares against the 85m initially expected for an expected market valuation of roughly $10.8bn.
The Chinese electric carmaker Xpeng sells G3 sport-utility vehicles and P7 sedans with intelligent functions.
Led by chief executive He Xiaopeng, it makes cars in two factories in China aiming to become a strong rival to Tesla.