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XPeng jumps in debut after raising $1.5 billion in IPO

By Automotive News , 2020-11-27 04:34:29

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Chinese electric-car startup XPeng Inc. rose as much as 67 percent in its trading debut after raising $1.5 billion in a U.S. initial public offering.

XPeng American depositary shares opened at $23.10, 54 percent above the $15 apiece they were sold for on Wednesday after the company expanded the size of its share sale and priced the shares above a marketed range.

The shares closed Thursday's trading up 42.6 percent to $21.39.

Strong share price gains this year by Tesla Inc. and Nio Inc. have stoked investor demand in the electric vehicles sector and prompted similar companies to go public. Li Auto Inc., another Chinese EV startup, increased the size of its U.S. IPO in July to raise $1.26 billion including the so-called greenshoe shares. The stock has since more than doubled from its offer price.

For the six months ended June 30, XPeng said it had a net loss of $113 million on revenue of $142 million. XPeng delivered 18,741 of its first vehicle, the G3 utility vehicle, through July 31, according to the company’s filings. It started deliveries of its second model, the P7 sedan, in May, shipping 1,966 units by July 31, according to its filings.

The depositary shares are worth two ordinary Class A shares. The company’s voting power is controlled by holders of Class B and Class C shares, which will carry 10 and five votes each, respectively.

Guangzhou-based XPeng closed its latest funding round for a total of $900 million, according to its filings. Qatar Investment Authority put in $100 million, while Abu Dhabi’s Mubadala invested another $100 million, the company said in the prospectus. Alibaba Group Holding also contributed $215 million, boosting its investment in XPeng.

The offering was led by Credit Suisse Group, JPMorgan Chase & Co. and Bank of America Corp. XPeng is trading on the New York Stock Exchange under the symbol XPEV.


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