US custodian shares of Chinese carmaker Li Auto Inc. LI,
rose sharply by almost 50% to trade above $ 16 on Thursday after valuing their original public offering at $ 11.50 for ADS. Li set the IPO range between $ 8 and $ 10 last week. The company sold 95 million ADS to raise $ 1.093 billion. Among the underwriters are Goldman Sachs, Morgan Stanley and UBS. Li’s IPO marks the pinnacle of recent IPO successes for electric vehicle manufacturers such as Nikola Corp. NKLA.
and the ongoing rally of Tesla Inc. shares TSLA.
In its prospectus, Li stated that it had started mass production of its first model, an SUV called the Li One, last year and that it had delivered more than 1