Xpeng Motors formally filed an preliminary public providing with the SEC within the early morning of August 8 to record its shares on the New York Inventory Change (NYSE) underneath the image “XPEV,” with out specifying its IPO value vary, the variety of shares or financing quantity on its prospectus.
The corporate plans to lift as much as $100 million within the IPO however the quantity is more likely to be an estimate as the quantity might be a lot larger than the present worth, IPO Center reported.
Underwriters of this IPO embrace Credit score Suisse, JPMorgan Chase, and Financial institution of America Securities.
In keeping with the prospectus, Xpeng accomplished a sequence C+ spherical of financing with an issuance of about 207,588,515 Sequence C most popular shares to 27 buyers in August of this yr and raised $900 million in whole thus far.
Apart from the $500 million within the C+ spherical raised final month with companies corresponding to Aspex, Coatue, Hillhouse Capital, and Sequoia Capital China, Xpeng is reported to have acquired a further $400 million from its primary buyers, amongst that are Alibaba, Qatar’s sovereign wealth fund, and Abu Dhabi’s sovereign wealth fund Mubadala, as Pandaily reported earlier.
Based in 2015, Xpeng produces two primary kinds of autos: an SUV (the G3) and a four-door sports activities sedan (the P7) with a value vary of 150,000 yuan to 300,000 yuan. The corporate cited the IHS Markit Report in its submitting that the G3 was one of many three best-selling electrical SUVs in China final yr. The P7 has a spread of as much as 706 kilometers on a single cost, which topped the record of the prevailing home electrical autos.
Xpeng began to ramp-up manufacturing of the G3 in November 2018 and the P7 in Might 2020. As of July 31, 2020, Xpeng Motors has delivered a complete of 18,741 models of the G3 and 1,966 models of the P7, the corporate stated in its submitting, including that it’ll launch its third good electrical automobile, a sedan, in 2021.
Xpeng’s internet revenue in 2018 was roughly 9.7 million yuan, of which income from automobile gross sales and different companies accounted for 42.8% and 57.2%, respectively, Chinese language media the Latest IPO reported. In 2019, the corporate’s working revenue was 2.121 billion yuan, with automobile gross sales accounting for 93.5%.
In 2020, Xpeng’s working revenue reached 1.002 billion yuan, barely decrease than the 1.231 billion yuan in the identical interval of 2019. The supply quantity within the first six months of this yr fell from final yr’s 7,165 to 5,499, in accordance with the prospectus.
Xpeng acknowledged in its report of threat components that the corporate had closed its manufacturing amenities someday in February and March, including that the corporate had switched to different suppliers when, as a result of coronavirus outbreak, some had did not ship the required parts to Xpeng.
The corporate has not been worthwhile but and has had destructive money flows since its inception. In its submitting, Xpeng stated it had incurred internet losses of 1,398.8 million yuan in 2018, 3,691.7 million yuan in 2019, and 795.8 million yuan within the first half of 2020.
As of June 30, 2020, the corporate’s money and money equivalents reached 1.061 billion yuan. With the completion of its two rounds of C+ and C++ financing with a worth of $900 million, the money and money equivalents held by Xpeng earlier than the IPO will exceed 7 billion yuan, surpassing its native rivals NIO and Li Auto which listed their shares within the US in 2018 and in July of this yr, the Newest IPO reported.
Xpeng will likely be listed on the NYSE in early September underneath the present plan and turn into the third home EV maker listed within the US. The Newest IPO reported that, in accordance with Friday’s US inventory closing costs, the market capitalization of NIO and Li Auto had been roughly $15.9 billion and $14.1 billion respectively.