The Alibaba-backed Chinese electric carmaker Xpeng Motors has raised about $1.5 billion from its New York initial public offering (IPO). The company that made its Wall Street debut, started trading on Thursday. Due to heavy investor demand, Xpeng sold more than 99.7 million shares for $15 each, more than expected. It had originally planned to sell 85 million shares priced between $11 and $13.
Trading in the New York Stock Exchange, the share price of Xpeng jumped to $21.22, on the first day of trading. Earlier Chinese electric automaker Li Auto went public on the Nasdaq last month, and shares of Nio, have risen 408% in New York, so far.