Chinese electric vehicle (EV) manufacturer XPeng Inc said it hopes to raise up to $1.11 billion in its initial public offering (IPO) in New York, seeking to ride the enthusiasm for EVs even as U.S.-China relations remain strained.
FILE PHOTO: A woman walks by an Xpeng Motors showroom at its headquarters in Guangzhou, Guangdong province, China May 18, 2020. Picture taken May 18, 2020. REUTERS/Yilei Sun
The company said on Friday it intends to sell 85 million shares American depositary share , each representing two class A ordinary share, priced between $11 and $13 per share.The IPO comes at a time when U.S.-listed Chinese companies are facing tightened scrutiny and strict audit requirements from U.S. regulators, as tensions escalate between two of the world’s biggest economies.
The Chinese EV maker said existing investors Alibaba Group , Coatue, and Qatar Investment Authority had indicated interest in buying up to $200 million, $100 million and $50 million, respectively, of the ADSs being offered.Alibaba will own all of XPeng’s class C ordinary shares, representing 14.9% of the voting power of its total shares immediately after the completion of the offering, XPeng said.
XPeng’s IPO comes after rival Li Auto Inc LI.O, another Chinese electric vehicle startup, raised $1.09 billion in its IPO on Nasdaq last month.
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