Chinese Tesla rival XPeng zooms higher in stock-market debut
Shares jumped 54% on their opening trade
Chinese electric-car maker XPeng Inc.’s shares surged 54% Thursday in their New York Stock Exchange debut.
Xpeng American depository shares opened for trading at $23.10 apiece after pricing at $15 on Wednesday evening.
The initial public offering raised $1.5 billion through the sale of 99.7 million shares. Strong demand allowed XPeng to increase the size of its share sale, which was originally slated for 85 million shares at a price between $11 and $13 each. XPeng was valued at $10.8 billion at its IPO price.
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Filings show XPeng lost $113 million on revenue of $142 million in the six months through June. The company had delivered 1,966 flagship P7 sedans and 18,741 G3 SUVs through July 31.
Shares of electric-vehicle makers have been red hot this year. Tesla Inc.’s stock price had surged 415% this year through Wednesday while Chinese rival Nio Inc. was up 408%.
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XPeng’s offering was led by Credit Suisse Securities, J.P. Morgan Securities and BofA Securities, which all acted as joint bookrunners.