Li Auto electrifies Nasdaq with US$1.1 billion IPO, the largest by a Chinese company in the US since 2018
- Li Auto prices IPO at US$11.5 a share, above the top end of the marketed range
- The EV start-up’s IPO is set to be the largest in the US by a Chinese company since December 2018
Li Auto, a Chinese electric vehicle maker backed by mainland online services delivery giant Meituan Dianping, has priced its American depositary receipts at US$11.5 each in an initial public offering on Nasdaq that will raise about U$1.1 billion for the firm to expand in the world’s biggest car market, according to a person familiar with the matter.
“Electric vehicles will be the largest opportunity for technology start-ups worldwide after smartphones and mobile internet,” said Mingming Huang, founding partner at early-stage venture capital firm Future Capital, who was an angel investor in Li Auto and topped up in multiple funding rounds. “EV plus autonomous driving will change the way people travel … the trillion-dollar companies will come from this sector.”
