EV-charging company Xchg sets price range in small-cap IPO
By Steve Gelsi
Chinese company to offer 3.15 million American depositary shares at $6 to $8 a share
Xchg Ltd., a maker of electric-vehicle charging stations, has set an estimated price range of $6 to $8 a share in its initial public offering of 3.15 million American depositary shares on the Nasdaq.
Based on the midpoint of the estimated price range, Xchg would raise about $22 million in its IPO. It will trade on the Nasdaq under the symbol XCH, according to a filing late Tuesday.
US Tiger Securities and Huatai Securities are underwriting the deal.
Xchg reported net income of $733,000 on revenue of $11.15 million in the three months that ended March 30, up from net income of $198,000 on revenue of $7.39 million in the year-ago quarter.
For full-year 2023, Xchg said it lost $8.08 million on revenue of $38.51 million. In 2022, it earned $1.61 million on revenue of $29.4 million.
The company was founded in 2015 by Chief Executive Yi Fei Hou and Rui Ding, with headquarters in Hamburg, Germany, and in Beijing.
Financial backers of the company include Shell Ventures Co., a unit of Shell (SHEL); Chengdu Peikun Jingrong Venture Capital Partnership LP; Mobility Innovation Fund LLC; Wuxi Shenqi Leye Private Equity Funds Partnership LP; and Zhen Partners Management.
-Steve Gelsi
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07-31-24 1024ET
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