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8/27, 1:01 PM (Source: TeleTrader)
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E-car maker Xpeng to raise $1.5B in US IPO

Chinese manufacturer of electric cars Xpeng revealed on Thursday the company will raise $1.5 billion through an initial public offering in the United States, selling 99.73 million depositary shares at an offer price of $15 per share.

Xpeng's market value has significantly risen over the past two months, with the data from the beginning of August suggesting that the Chinese company will be estimated at around $900 million ahead of the listing.

Next to NIO, Xpeng has been the leading rival company of Elon Musk's Tesla on the Chinese e-car market.

Breaking the News / ND