Chinese automaker Li Auto Inc. raised $1.1 billion in an above-range U.S. initial public offering, adding to the market focus on electric-vehicle companies, according to terms of the deal reviewed by Bloomberg.
Li Auto sold 95 million American depositary shares for $11.50 each on Wednesday after marketing them for $8 to $10. The Beijing-based company is valued in the listing at about $10 billion fully diluted, based on a calculation by Bloomberg.
The stock opened at $15.5 and extended gains to rise as much as $17.50, adding to the growing list of strong debuts this year.
The IPO of the five-year-old automaker, formerly known as CHJ Automotive, comes nearly two years after Chinese peer Nio Inc went public in New York.
A representative for Li Auto declined to comment.
The company joins other EV makers in tapping the U.S. capital market. Shares of China's Nio have doubled since their 2018 listing. Nikola Corp. went public this year through a reverse merger with a special purpose acquisition company, while Fisker Inc. is in talks to do the same.
WM Motor Technology Co. is weighing an initial stock sale in Shanghai as soon as this year, people familiar with the matter have said. Hozon New Energy Automobile Co., which is pushing into rural areas and lower-tier cities, said this month it wants to go public in Shanghai as soon as next year.
Elon Musk’s Tesla Inc., the biggest electric-car maker, has jumped 258 percent this year.