Xpeng Motors Updates Prospectus with Plan to Raise up to $1.2 Billion
Xpeng Motors (stock code: XPEV) said in a filing with SEC on Aug. 21 that the company plans to issue 85 million American Depositary shares in the range of $11 to $13 per share in their US IPO.
Underwriters include Credit Suisse, JPMorgan Chase, and Bank of America Merrill Lynch. If the underwriters exert their oversubscription rights, Xpeng will raise between $1.075 billion and $1.217 billion, Chinese tech media 36Kr reported.
According to 36Kr, among Xpeng’s shareholders, Alibaba is planning to subscribe for US$200 million, Coatue for US$100 million, the Qatar Investment Authority for US$50 million, and Xiaomi for US$50 million. The total subscription will amount to $400 million.
36Kr reported that Tesla’s existing shareholder PRIMECAP Management Company is also preparing to subscribe for $100 million.
Xpeng is expected to be listed on the New York Stock Exchange under the symbol “XPEV” and will announce its issue price on Aug. 26 (US time) but won’t begin trading until Aug.27.
SEE AlSO: Chinese EV Manufacturer Xpeng Motors Files for IPO on NYSE
As Pandaily reported earlier, Xpeng completed its latest round of financing and had raised $900 million by August of this year. Its main investors, including Alibaba, Qatar’s sovereign wealth fund, and Abu Dhabi’s sovereign wealth fund Mubadala, invested an additional $400 million based on the existing $500 million in the C+ round raised last month with backers covering Aspex, Coatue, Hillhouse Capital, and Sequoia Capital China.
As of July 31, 2020, Xpeng has delivered 18,741 G3 vehicles and 1,966 P7 vehicles and plans to launch a third smart electric vehicle model in 2021.