XCHG (X-Charge), which provides DC fast chargers and related EV technology out of China and Europe, raised the proposed deal size for its upcoming IPO on Friday.
The Beijing, China-based company now plans to raise $23 million by offering 3.3 million ADS at a price range of $6 to $8. The company had previously filed to offer 3.2 million ADS at the same range. At the midpoint of the revised range, XCHG (X-Charge) will raise 6% more in proceeds than previously anticipated and command a fully diluted market value of $415.3 million.
Based in Beijing, China with significant operations in Hamburg, Germany, XCHG offers comprehensive EV charging solutions, combining proprietary charging technology, energy storage technology, and accompanying services. Its offerings primarily include DC fast chargers in its C6 series and the C7 series, and advanced battery-integrated DC fast chargers in its Net Zero Series (NZS). To date, the company has begun the commercial deployment of its NZS solution in Europe, North America, and Asia, and customers primarily include EV manufacturers, global energy players, and charge point operators.
XCHG (X-Charge) was founded in 2015 and booked $42 million in sales for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol XCH. Tiger Brokers and Huatai Securities are the joint bookrunners on the deal.
