(Reuters) – Shares of Chinese electric vehicle (EV) maker Xpeng Inc are slated to open 1.8% from their initial public offering (IPO) price in the company’s dual primary listing debut in Hong Kong on Wednesday.
The stock is scheduled to open at HK $ 168 per share, compared to the IPO price of HK $ 165. The percentage jump would be compared to a 1.1% drop in the benchmark and a 1.2 drop. % in the Hang Seng China Enterprise Index.
Xpeng’s New York-listed American Depository Shares (ADSs) were up 0.7% late Tuesday at $ 44.05 apiece. One ADS equals two Hong Kong shares.
The company raised $ 1.8 billion by selling 85 million shares in the deal finalized last week.
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