Shares in Chinese electric car manufacturer XPengInc made their debut on the New York Stock Exchange (NYSE) last week under the ticker symbol XPEV.
This follows the company's initial public offering (IPO) of 99.7 million American depositary shares priced at US$15 each, raising just under US$1.5bn for the automaker before expenses. The issue was underwritten by Credit Suisse Securities, JP Morgan Securities and BofA Securities.
The final share price issue was above the US$11-US$15 price range previously indicated by the company, but the shares ended their first day of trading priced at over US$22.
Ahead of the IPO, XPeng Motors secured investments totaling around US$300m from major global entities including Alibaba and the Qatar Investment Authority.
According to the prospectus, around 50% of the net proceeds of IPO will be channeled into research and development, while 30% will be used for marketing and expansion of sales channels.
XPeng 's CEO He Xiaopeng described the listing as a milestone for the company, adding "we will continue to improve our development and research, enhance innovation and expand sales channels".
The company, headquartered in Guangzhou, was established in 2015 with the aim of bringing "smart" electric vehicles to the market, through innovations such as autonomous driving, smart connectivity and advanced core vehicle systems.
The company's sales were down by almost 39% year-on-year at 6,790 vehicles in the first seven months of 2020, after sales of 16,600 units in the whole of 2019.