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Chinese Electric Vehicle Maker Xpeng Raised $1.5 Billion US IPO

Esther Thin

Xpeng Inc, stocks skyrocketed 41.47% on its first day of trading on August 27, 2020 and closed at $21.22, giving the company a market cap of approximately $15.31 billion.

The Chinese electric vehicle maker raised $1.5 billion by offering 99.7 million ADSs at $15, above the proposed range of $11 to $13.

The Company delivered a total of 18,741 units of its first model, the G3 SUV, and 1,966 units of its second model, the P7 sports sedan as of July 31, 2020. The company expects to launch its third Smart EV, a sedan, in 2021.

The Guangzhou, China-based company was founded in 2015 and booked $301 million in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol “XPEV.” Credit Suisse, J.P. Morgan and BofA Securities are underwriters of the IPO.

The company engages Simpson Thacher & Bartlett LLP as US Securities Counsel, and PricewaterhouseCoopers Zhong Tian LLP as Independent Auditor.

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