An electrifying IPO: Chinese EV maker Xpeng sets terms for $1 billion US IPO

Xpeng, which manufactures smart electric SUVs and sedans in China, announced terms for its IPO on Friday…

The Guangzhou, China-based company plans to raise $1.0 billion by offering 85 million ADSs at a price range of $11 to $13. Insiders intend to purchase $400 million worth of ADSs in the offering, and a new investor intends to purchase $100 million worth of the ADSs. At the midpoint of the proposed range, Xpeng would command a fully diluted market value of $8.8 billion.

Xpeng targets the mid- to high-end segment in China’s passenger vehicle market, with prices ranging from $21,000 to $43,000, and currently offers two electric vehicles, the G3 SUV and the P7 sports sedan. According to the IHS Markit Report, the G3 was among the top-three best-selling electric SUVs in China in 2019.

Xpeng was founded in 2015 and booked $302 million in sales for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol XPEV. Credit Suisse, J.P. Morgan and…

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