Li Auto, which manufactures smart electric SUVs in China, raised $1.1 billion by offering 95 million ADSs at $11.50, above the range of $8 to $10. New investor Hillhouse Capital indicated on $300 million worth of ADSs in the offering, and the company raised an additional $380 million in a concurrent private placement to existing shareholders. At pricing, the company commands a fully diluted market value of $10 billion.
Li Auto plans to list on the Nasdaq under the symbol LI. Goldman Sachs, Morgan Stanley, UBS Investment Bank and CICC acted as lead managers on the deal.
