China Electric Vehicle Charging Inc. (XCH.US) raised the IPO price range. The company currently plans to issue 3.3 million American depositary receipts (ADRs) at a price range of $6 to $8 per share, raising $23 million. The company previously applied to issue 3.2 million ADRs at the same price range. At the midpoint of the revised price range, XCH's fundraising would be 6% higher than previously expected, with a fully diluted market value of $415.3 million.
XCH was founded in 2015 and is headquartered in Beijing. It provides a full range of electric vehicle charging solutions. Its products include the C6 series and C7 series of off-grid fast chargers, as well as advanced battery integrated off-grid fast chargers called the "Net Zero Series (NZS)" and related services. So far, the company has begun to commercially deploy its NZS solutions in Europe, the Americas and Asia, with customers including electric vehicle manufacturers, global energy companies and charging station operators.
In the 12 months ending March 31, 2024, XCH's revenue was $42 million. The company plans to list on the Nasdaq under the symbol "XCH." Huata Securities and Tiger Securities are the joint bookrunners for the transaction.