Xpeng Motors Technology is headquartered in Guangzhou, China
Giulia Marchi | Bloomberg | Getty Images
Chinese electric car maker Xpeng has increased the size of its U.S. public offering to about $ 1.49 billion, two sources with direct knowledge of the matter.
The company will price its shares at $ 15 each, the sources said, after first announcing that they would be sold for $ 11 to $ 13 when the deal was launched on Friday.
Xpeng, which counts Chinese e-commerce titan Alibaba among its supporters, had initially aimed to raise $ 1.11 billion.
It had planned to sell 85 million U.S. Depository shares, but increased that to about 99.7 million shares at higher than expected demand from investors, the sources said on condition of anonymity because the information is not yet public.
Xpeng declined to comment.
Given the new size of the deal, Xpeng would be valued at about $ 11.2 billion after its IPO. Its shares will begin trading in New York on Thursday.
There is also a so-called greenshoe option whereby within the next 30 days another 14.96 million shares could be issued allowing Xpeng to raise a further $ 224.4 million.
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