Xpeng mentioned Thursday that it bought greater than 99.7 million shares for $15 every in its Wall Road debut, elevating about $1.5 billion. It had initially deliberate to promote 85 million shares priced between $11 and $13.
Its inventory started buying and selling that day beneath the ticker XPEV, and closed at simply over $21 per share.
The IPO comes as Chinese language corporations listed in New York face heightened scrutiny from US officers. Earlier this month, an advisory council run by US Treasury Secretary Steven Mnuchin really helpful that regulators require higher entry to the accounts of Chinese language corporations searching for to listing on US inventory exchanges.
Following that controversy, the US Senate unanimously accepted laws in Might that will forestall corporations that refuse to open their books from itemizing on Wall Road, a transfer its sponsors mentioned was designed to “kick deceitful Chinese language corporations off US exchanges.” The invoice nonetheless must be accepted by the Home of Representatives and signed by the president earlier than turning into regulation.
In filings to the US Securities and Change Fee earlier this month, Xpeng cited the US regulatory setting and the potential passage of the invoice as dangers for traders to contemplate.
“Enactment of any of such laws or different efforts to extend the US regulatory entry to audit info may trigger investor uncertainty for affected issuers, together with us, and the market worth of the [US shares] could possibly be adversely affected,” the electrical automobile maker mentioned.
Based in 2015, Xpeng is predicated in Guangzhou and likewise has an workplace in Silicon Valley.
— Michelle Toh contributed to this report.