IPO Terms:
Company: XPENG
Proposed Symbol: XPEV
Exchange: NYSE
Expected IPO Date: 8/26/20
CEO: Xiaopeng He
# of employees (as of 6/30/20): 3676
Offer Amount: $1.27 bn
Proposed Share Price Range: $11-$13
Shares Offered: 85 mm
Shares Outstanding: 931.5 mm
Prospectus Summary (S-1):
“Mission Driving Smart EV transformation with technology and data, shaping the mobility experience of the future. We are one of China’s leading smart electric vehicle, or Smart EV, companies. We design, develop, manufacture and market Smart EVs in China.”
Underwriting Info:
Lead Underwriter(s): Credit Suisse, J.P. Morgan, BofA
Shares over allotted: 12.75 mm
Past Financial Data:
Revenues:
2019 (year ended Dec 31): $328.5 mm
2020 (months ended June 30): $141.9 mm
Estimated 2020 (year ended Dec 31): $283.8
Net Losses:
2019 (year ended Dec 31): $522.5 mm
2020 (months ended June 30): $112.6 mm
Estimated 2020 (year ended Dec 31): $225.2 mm
Current Financial Status (As of June 30, 2020):
Cash: $150.2 mm
Total Assets: $1.3 bn
Total Liabilities: $886.2 mm
Total Shareholder Equity: $443.6 mm
S-1 Notes:
- Leading company in the Chinese Electric Vehicle (EV) sector
- Founded in 2015
- Developing an autonomous driving system (similar to that of Tesla’s)
- XPENG’s mission is to transform Smart EV with tech
- Current EV models include SUV (the G3) and a four-door sports sedan (the P7)
- Utilizes an “in-car app store” which allows users to conveniently access third-party services
- “Xmart OS” is XPENG’s in-car operating system.
- Cut cost of operations from $407.5 mm (2019 year ended Dec, 31) to $147 mm (2020 months ended June 30)
- Strong balance sheet with $443.6 mm in shareholder equity