Chinese electric-car maker Li Auto soaks 50% IPO


American depository shares of Chinese electric car manufacturer Li Auto Inc.
+ 10.00%
After pricing its initial public offering at $ 11.50 ADS, it skyrocketed nearly 50% to trade above $ 16 on Thursday. Lee set an IPO range between $ 8 and $ 10 last week. The company sold 95 million ADSs to raise $ 1.093 billion. Goldman Sachs, Morgan Stanley and UBS are among the underwriters. Lee’s IPO comes on the heels of recent IPO successes for electric-vehicle manufacturers such as Nikola Corp NKLA.
-4.83%
And Tesla Inc. A sustained share rally for TSLA,
-0.18%.
In his prospectus, Lee stated that he had started volume production of his first model, an SUV called the Lee One last year, and that it had delivered more than 10,400 Lee One vehicles as of June 30. Lee said it spends between 21,000 on the SUV. And $ 70,000, demanding customers to “offer unparalleled value for money with the performance, functionality and cabin-space of a large premium SUV but close to the price of a compact premium SUV.”

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