China’s Xpeng increases U.S. IPO size to $1.5 billion, say sources By Reuters

© Reuters. Woman walks by an Xpeng Motors showroom at its headquarters in Guangzhou

By Scott Murdoch

HONG KONG (Reuters) – Chinese electric vehicle maker Xpeng (N:) has increased the size of its U.S initial public offering (IPO) to about $1.49 billion, according to two sources with direct knowledge of the matter.

The company will price its shares at $15 each, the sources said, after initially indicating they would be sold for $11 to $13 when the deal was launched on Friday.

Xpeng, which counts Chinese e-commerce titan Alibaba (N:) among its backers, had initially targeted raising $1.11 billion.

It had planned to sell 85 million American Depository Shares (ADS) but increased that to about 99.7 million shares following higher than expected demand from investors, according to the sources.

Xpeng did not immediately respond to a request for comment.

The sources could not be named because the information had not been made public.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.