(Yicai Global) Aug. 23 -- Xpeng Motors seeks to raise USD1.1 billion via its initial public offering on the New York Stock Exchange to become the third Chinese new energy vehicle maker to get listed in the States after the recently surging Nio and Li Auto.

The Guangzhou-based firm with an intended ticker XPEV is selling 85 million American depositary shares priced between USD11 and USD13, according to its Aug. 21 filing with the US Securities and Exchange Commission. Based on the highest price in the range, Xpeng’s market capitalization could be USD9.2 billion.

Xpeng has set its fundraising target to match that of Li Auto which went public on the Nasdaq on July 30. The Beijing-based firm's shares have risen 30 percent from the IPO price. Meanwhile, Nio's equity price has tripled in value this year amid a rally in the US NEV sector.

Xpeng has finished 10 rounds of financing since being set up in 2015. The latest was the C++ round, led by e-commerce giant Alibaba Group Holding, at the start of this month, in which it secured more than USD300 million.

Alibaba intends to subscribe to USD200 million worth of Xpeng's shares, while US hedge fund Coatue would spend USD100 million, and the Qatar Investment Authority USD50 million, according to the filing.

The IPO-hopeful has debuted two models so far. It has delivered more than 18,700 sport-utility vehicle G3s, and most of them with autopilot, to clients since November 2018 through contract manufacturing collaboration with Haima Automobile and nearly 2,000 P7 sedans since May. The company has finished building its own plant in Guangdong province and plans to start making its third model, a sedan, next year.

Xpeng widened its revenue by more than 200 times to CNY2.3 billion (USD332.5 billion) last year from a year before. But during the virus-hit first half of this year, its revenue fell 19 percent to CNY1 billion from a year earlier. Its net loss more than doubled to CNY3.7 billion last year.

Currently, the executive team of the firm has nearly 41 percent of the equity. Among them, founder and Chairman He Xiaopeng holds 31.6 percent of the shares. After that follows Simplicity Holding with its 26.4 percent stake, e-commerce giant Taobao China Holding with 14.4 percent, and an IDG affiliate with 6.2 percent.

BofA Securities, Credit Suisse Securities, and J.P. Morgan Securities are the joint book-running managers of the share sale.

Editor: Emmi Laine