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The shares of Chinese electric car manufacturer XPeng Inc. fell 54% on Thursday in its debut on the New York Stock Exchange.
Xpeng U.S. shares opened for trading at $ 23.10 a piece after prices at $ 15 on Wednesday night.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| XPEV | XPENG INC. | 21.22 | 0.00 | 0.00% |
The first public offering raised $ 1.5 billion through the sale of 99.7 million shares. Due to strong demand, XPeng was able to increase the size of its share sales, which was originally expected for 85 million shares at a price between $ 11 and $ 13 each. XPeng was valued at $ 10.8 billion against its IPO price.
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Records show that XPeng lost $ 113 million in revenue in the six months to June to $ 142 million in revenue. The company had delivered 1,966 P7 sedans and 18,741 G3 SUVs as of July 31.
Shares of electric car makers are red hot this year. The share price of Tesla Inc. had risen 415% through Wednesday, while Chinese competitor Nio Inc. 408% was up.
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XPeng’s offering was led by Credit Suisse Securities, JP Morgan Securities and BofA Securities, all of which acted as joint bookrunners.
