Hyperdrive
China EV Startup XPeng Expands Share Sale to Raise $2.2 Billion
- Chinese automaker capitalizing on rally in electric-car shares
- Xpeng’s share price has almost tripled since its August IPO
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Chinese electric-vehicle maker Xpeng Inc. raised $2.16 billion from an upsized share sale, joining a rush of fundraising by companies in the sector seeking to capitalize on a rally in stock prices.
The Guangzhou-based manufacturer sold 48 million American depositary shares at $45 apiece, according to a statement Wednesday. That’s 8 million more ADS than the company had been marketing and the price represents a 7.6% discount to its close on Tuesday. Xpeng could raise as much as $2.48 billion if it exercises an over-allotment option to sell an additional 7.2 million shares.