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China's Xpeng increases U.S. IPO size to $1.5 bln, say sources

Credit: REUTERS/SUN YILEI

Chinese electric vehicle maker Xpeng has increased the size of its U.S initial public offering (IPO) to about $1.49 billion, according to two sources with direct knowledge of the matter.

By Scott Murdoch

HONG KONG, Aug 27 (Reuters) - Chinese electric vehicle maker Xpeng XPEV.N has increased the size of its U.S initial public offering (IPO) to about $1.49 billion, according to two sources with direct knowledge of the matter.

The company will price its shares at $15 each, the sources said, after initially indicating they would be sold for $11 to $13 when the deal was launched on Friday.

Xpeng, which counts Chinese e-commerce titan Alibaba BABA.N among its backers, had initially targeted raising $1.11 billion.

It had planned to sell 85 million American Depository Shares (ADS) but increased that to about 99.7 million shares following higher than expected demand from investors, according to the sources.

Xpeng did not immediately respond to a request for comment.

The sources could not be named because the information had not been made public.

(Reporting by Scott Murdoch in Hong Kong; Editing by Muralikumar Anantharaman)

((Scott.Murdoch@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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