Xpeng Inc., one of Tesla Inc.’s Chinese rivals, will raise $1.5 billion through an initial public offering in the U.S., more than initially planned, because of high investor demand. Xpeng will sell 99.73 million American depositary shares at an offer price of $15, the company said Thursday. That is more than the 85 million shares that were previously planned, and the offer price is higher than the initial guidance of $11-$13.

Source: Wall Street Journal August 27, 2020 08:48 UTC