US depository shares of Chinese electric car maker Li Auto Inc. LI,
it shot up nearly 50% to trade above $ 16 on Thursday after setting its initial public offering at $ 11.50 per ADS. Last week, Li set an IPO range between $ 8 and $ 10. The company sold 95 million ADSs to raise $ 1.093 billion. Goldman Sachs, Morgan Stanley and UBS are among the subscribers. Li’s IPO comes immediately after recent IPO successes for electric vehicle manufacturers like Nikola Corp. NKLA,
and an ongoing stock rally for Tesla Inc. TSLA,
In his prospectus, Li said he had started volume production of his first model, an SUV called Li One, last year, and that he had delivered more than 10,400 Li One vehicles as of June 30. Li said he focuses on SUVs that cost between $ 21,000 and $ 70,000, seeking to offer customers “unmatched value for money with the performance, functionality and cabin space of a large premium SUV but at a close price. to a compact premium SUV. “
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