Electric-Car Upstart XPeng Raising $1.5 Billion in Expanded IPO

Electric-Car Upstart XPeng Raising $1.5 Billion in Expanded IPO

Chinese electric-car startup XPeng Inc. is raising about $1.5 billion in a U.S. initial public offering, expanding the size of its share sale and pricing the shares above a marketed range.The company is selling 99.7 million American depositary shares on for $15 each, based on a filing Wednesday with the U.S. Securities and Exchange Commission. The Guangzhou-based company had marketed 85 million shares for $11 to $13 apiece. The company will be valued in the offering at $10.8 billion based on the outstanding shares listed in its filings.

Strong share price gains this year by Tesla Inc. and NIO Inc. have stoked investor demand in the electric vehicles sector and prompted similar companies to go public. Li Auto Inc., another Chinese EV startup, increased the size of its U.S. IPO in