XCH.US, a smart charging company, priced its IPO at $6-8 per share, planning to raise $22 million.

XCHG Ltd. (Smart Charge Holdings Ltd.) announced its IPO terms on Monday, planning to offer 3.2 million American Depository Shares at a price range of $6 to $8 per share, raising $22 million. The fully diluted market cap of XCHG (X-Charge) would be $544 million at the midpoint of the proposed range.

Smart Charge is based in Beijing, China, and has significant operations in Hamburg, Germany. It provides a comprehensive electric vehicle charging solution by integrating proprietary charging technology, energy storage technology, and ancillary services. Its products include the C6 series and C7 series of off-grid fast chargers, as well as advanced battery integrated off-grid fast chargers in its Net Zero series (NZS). So far, the company has started commercial deployment of its NZS solutions in Europe, North America, and Asia, with customers including electric vehicle manufacturers, global energy companies, and charging point operators.

Smart Charge was founded in 2015 and had revenues of $42 million in the 12 months ending March 31, 2024. The company plans to list on the Nasdaq under the symbol XCH. Tiger Securities and Huatai Securities are the joint lead managers for the transaction.