Chinese tesla rival xpeng zooms higher in stock-market debut
Chinese tesla rival xpeng zooms higher in stock-market debut"
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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. TICKER SECURITY LAST CHANGE CHANGE % XPEV XPENG INC. 18.18 -1.05 -5.46% 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. CHINA CASHES IN ON AMERICA'S CORONAVIRUS LOCKDOWN 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%. CLICK HERE TO READ MORE ON FOX BUSINESS XPeng’s offering was led by Credit Suisse Securities, J.P. Morgan Securities and BofA
Securities, which all acted as joint bookrunners.
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