HONG KONG: Chinese electric vehicle maker Xpeng has increased the size of its U.S initial public offering to about US$1.49 billion, two sources with direct knowledge of the matter said.
The company will price its shares at US$15 each, the sources said, after initially indicating they would be sold for US$11 to US$13 when the deal was launched on Friday.Xpeng, which counts Chinese e-commerce titan Alibaba among its backers, had initially targeted raising US$1.11 billion. It had planned to sell 85 million American Depository Shares but increased that to about 99.7 million shares following higher-than-expected demand from investors, the sources said on condition of anonymity as the information is not yet public.Based on the new size of the deal, Xpeng would be valued at around US$11.2 billion following its IPO. Its shares will start trading in New York on Thursday.There is also a so-called greenshoe option in which another 14.
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