China EV maker Li Auto plans to list on the NASDAQ under the symbol "LI" on July 31, making it the second Chinese EV maker to go public in the U.S. after Nio, according to WeChat account IPO Zaozhidao.
On July 10, Li Auto filed an F-1 prospectus with the U.S. Securities and Exchange Commission (SEC), seven months since its first DRS filing on December 6, 2019.
If all goes well, Li Auto will update its F-1 filing this week to announce the offering range and fundraising size. The initial proposed listing date is now July 31, the report said.
In the F-1 prospectus, Li Auto's proposed fundraising amount, which is used as a "placeholder," is $100 million.
The report said Li Auto's actual fundraising scale will probably reach at least about $500 million, one of the largest IPO fundraising of any Chinese company listed in the U.S. this year.
It could raise up to $1 billion, equaling Nio's 2018 IPO, the report said.
As the first Chinese company to commercialize an add-on electric vehicle (EREV), Li Auto launched its first model, the Li ONE, in November 2019.
As of June 30, 2020, Li Auto has delivered more than 10,400 units of the Li ONE.
Li Auto plans to launch a full-size premium electric SUV in 2022, which will be equipped with the next generation EREV.
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