filed for an initial public offering with the United States Securities and Exchange Commission Friday. ” data-reactid=”19″>Chinese electric vehicle maker XPeng Inc. filed for an initial public offering with the United States Securities and Exchange Commission Friday.
What Happened
BABA)-backed company said it would list its shares on the New York Stock Exchange under the ticker “XPEV.”
Xpeng didn’t reveal how many Class A shares it would be offering or their pricing, but said it intended to sell about 429.8 million Class B ordinary shares. It put a placeholder number of $100 million as amount it expected to raise in the IPO; companies typically reveal the actual amount they expect to raise in later filings.
CS), JPMorgan Chase & Co (NYSE: JPM), and Bank of America (NYSE: BAC) are serving as the underwriters for the offering.
Why It Matters
reported last week.” data-reactid=”29″>The electric vehicle maker raised $400 million ahead of the filing from Alibaba, along with the Qatar Investment Authority and Abu Dhabi sovereign wealth fund Mubadala, CNBC reported last week.
raised 0 million from Hillhouse Capital, Coatue Management, Aspex, and Sequoia Capital’s local division.” data-reactid=”30″>In July, the automaker raised 0 million from Hillhouse Capital, Coatue Management, Aspex, and Sequoia Capital’s local division.
In total, Xpeng has raised $2.6 billion as of its latest Series C funding round, according to Crunchbase.
TSLA) Model 3.
LI) raised $1.1 billion in its IPO.
The U.S. Senate passed a law in May that seeks to delist Chinese companies on domestic exchanges.
The EV maker addressed the law in its filing noting, the legislation “may have a material and adverse impact on the stock performance of China-based issuers listed in the United States.”
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