Chinese electric vehicle maker XPeng Inc. filed for an initial public offering with the United States Securities and Exchange Commission Friday. What Happened The Alibaba Group Holding Ltd (NYSE: BABA)-backed company said it would list its shares on the New York Stock Exchange under the ticker "XPEV."Xpeng didn't reveal how many Class A shares it would be offering or their pricing, but said it intended to sell about 429.8 million Class B ordinary shares. It put a placeholder number of $100 million as amount it expected to raise in the IPO; companies typically reveal the actual amount they expect to raise in later filings. Credit Suisse Group AG (NYSE: CS), JPMorgan Chase & Co (NYSE: JPM), and Bank of America (NYSE: BAC) are serving as the underwriters for the offering.Why It Matters The electric vehicle maker raised $400 million ahead of the filing from Alibaba, along with the Qatar Investment Authority and Abu Dhabi sovereign wealth fund Mubadala, CNBC reported last week.In July, the automaker raised 0 million from Hillhouse Capital, Coatue Management, Aspex, and Sequoia Capital's local division.In total, Xpeng has raised $2.6 billion as of its latest Series C funding round, according to Crunchbase.Xpeng started delivering its P7 sports sedan in June; the car competes with Tesla Inc's (NASDAQ: TSLA) Model 3. Local EV competitor Nio Inc (NYSE: NIO) raised $1 billion in its IPO in September 2018. Its shares have risen 234% YTD. Late last month, another Chinese EV maker Li Auto Inc (NASDAQ: LI) raised $1.1 billion in its IPO.The U.S. Senate passed a law in May that seeks to delist Chinese companies on domestic exchanges.The EV maker addressed the law in its filing noting, the legislation "may have a material and adverse impact on the stock performance of China-based issuers listed in the United States."Photo courtesy: XPeng Inc. See more from Benzinga * Credit Suisse Reports Q2 Earnings Beat * Credit Suisse Silently Invested 0M In Alibaba Subsidiary Ant Financial, Set To Benefit Immensely In Public Debut * SoftBank Withdraws 0M From Credit Suisse Fund Over Conflict Of Interest With Vision Fund(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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