Chinese EV charging company XCHG (XCharge) increases share offering ahead of $23 million US IPO
Chinese EV charging company XCHG (X-Charge) has increased its share offering ahead of a million US IPO. The firm plans to raise million by offering 3.3 million ADS, up from the previously filed 3.2 million ADS. At the midpoint of the revised range, XCHG will raise 6% more than initially expected, achieving a market value of .3 million. Founded in 2015, XCHG reported million in sales for the year ending March 31, 2024, and intends to list on Nasdaq under the symbol XCH, with Tiger Brokers and Huatai Securities as joint bookrunners.
XCHG (X-Charge), which provides DC fast chargers and related EV technology out of China and Europe, raised the proposed deal size for its upcoming IPO on Friday.
The Beijing, China-based company now plans to raise $23 million by offering 3.3 million ADS at a price range of $6 to $8. The company had previously filed to offer 3.2 million ADS at the same range. At the midpoint of the revised range, XCHG (X-Charge) will raise 6% more in proceeds than previously anticipated and command a fully diluted market value of $415.3 million.
XCHG (X-Charge) was founded in 2015 and booked $42 million in sales for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol XCH. Tiger Brokers and Huatai Securities are the joint bookrunners on the deal.
