Xpeng Motors Soars 41.47% on First Day of Listing, Market Cap Reaches $15 Billion

(Source: Xpeng)

Leading Chinese EV maker Xpeng Motors (stock code: XPEV) kicked off trading on the New York Stock Exchange on the evening of Aug. 27 (Beijing Time) with an opening price of $23.1, soaring 56% from the issue price of $15 per share.

The share price of Xpeng Motors closed at $21.22, a 41.47% increase from the issue price, and its market capitalization summed $15 billion.

SEE ALSO: Xpeng Motors Updates Prospectus with Plan to Raise up to $1.2 Billion

The total amount raised in this IPO was approximately $1.5 billion, exceeding the maximum value of $1.271 billion estimated in the prospectus, which surpassed last month’s Li Auto IPO of $1.1 billion, and NIO’s $1 billion, beating Tesla’s $226 million when listing.

The market capitalization corresponding to the issue price is $10.82 billion (approximately 74.3 billion yuan), surpassing Li Auto’s $9.724 billion, NIO’s $6.4 billion, and Tesla’s $1.7 billion.

In terms of issuance scale and market value after financing, Xpeng has become the world’s largest pure electric vehicle manufacturer.

According to Xpeng’s prospectus, before its IPO, the chairman and CEO of Xpeng, He Xiaopeng, holds 31.6% as the largest shareholder, Alibaba holds 14.4% as the largest external shareholder, and other major shareholders include Xiaomi and Morningside Venture Capital.

One day before Xpeng’s listing, Li Auto soared in late trading with its stock price rising to $24.48 per share, and closed up 28.25%, reaching a market value of $19.5 billion.

NIO rose by 14% and closing market value reached $24.2 billion. The sharp rise in the stock prices of the two other leading domestic EV makers boosted Xpeng’s IPO, Chinese media iThome reported.

Pandaily reported earlier that Xpeng currently owns two smart electric vehicles, the G3 and P7. As of July 31, 2020, the company sold 18,741 units of the G3 and delivered 1966 units of the P7, which was mass-produced in May of this year. The P7 is a sporty car with a range of 439 miles on a single charge.

Xpeng also plans to launch its third smart electric car in 2021, alongside its XPILOT 3.0 software, iThome reported.