China based electric car manufacturer Xpeng (XPEV) has scaled up its initial public offering size in the U.S to around $1.49 billion. This has been revealed by insider sources who declined being revealed. Initially the company had targeted to raise $1.1 billion in the IPO.
The company had planned to sell 85 million American Depository Shares (ADS), however it has revised that number upwards to 99.7 million shares citing a higher than expected demand from investors.
Xpeng will be pricing its shares at $15 each which is also on a higher said compared to the $11 to $13 range which had been announced earlier.
The company will be going public on August 27 and based on its new IPO size, it might end up having a market valuation of $11.2 billion.