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Chinese EV maker Xpeng prices upsized US IPO above the range at $15

August 27, 2020

Xpeng, which manufactures smart electric SUVs and sedans in China, raised $1.5 billion by offering 99.7 million ADSs at $15, above the range of $11 to $13. The company offered 14.7 million more ADSs than anticipated. Insiders and certain other investors indicated on $500 million worth of ADSs in the offering. At pricing, the company raised 47% more in proceeds than anticipated.

Xpeng plans to list on the NYSE under the symbol XPEV. Credit Suisse, J.P. Morgan and BofA Securities acted as lead managers on the deal.