Xpeng Motors Updates Prospectus with Plan to Elevate as much as $1.2 Billion

Xpeng Motors (inventory code: XPEV) stated in a submitting with SEC on Aug. 21 that the corporate plans to difficulty 85 million American Depositary shares within the vary of $11 to $13 per share of their US IPO.

Underwriters embody Credit score Suisse, JPMorgan Chase, and Financial institution of America Merrill Lynch. If the underwriters exert their oversubscription rights, Xpeng will increase between $1.075 billion and $1.217 billion, Chinese language tech media 36Kr reported.

In line with 36Kr, amongst Xpeng’s shareholders, Alibaba is planning to subscribe for US$200 million, Coatue for US$100 million, the Qatar Funding Authority for US$50 million, and Xiaomi for US$50 million. The overall subscription will quantity to $400 million.

36Kr reported that Tesla’s current shareholder PRIMECAP Administration Firm can be making ready to subscribe for $100 million.

Xpeng is anticipated to be listed on the New York Inventory Trade underneath the image “XPEV” and can announce its difficulty worth on Aug. 26 (US time) however gained’t start buying and selling till Aug.27.

SEE AlSO: Chinese EV Manufacturer Xpeng Motors Files for IPO on NYSE

As Pandaily reported earlier, Xpeng accomplished its newest spherical of financing and had raised $900 million by August of this 12 months. Its fundamental traders, together with Alibaba, Qatar’s sovereign wealth fund, and Abu Dhabi’s sovereign wealth fund Mubadala, invested a further $400 million primarily based on the prevailing $500 million within the C+ spherical raised final month with backers masking Aspex, Coatue, Hillhouse Capital, and Sequoia Capital China.

As of July 31, 2020, Xpeng has delivered 18,741 G3 autos and 1,966 P7 autos and plans to launch a 3rd sensible electrical car mannequin in 2021.

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