Chinese Ideal Car goes Public in the United States

Ideal car goes public in the United States. Chinese new energy vehicle company went to the US to go public. Ideal Motors, established in 2015, has submitted an application for listing to the US Securities Regulatory Commission, raising a maximum of US$100 million. Goldman Sachs, Morgan Stanley, UBS and CICC are joint lead underwriters.

The ideal car founder Li Xiang holds about 356 million shares, accounting for about 25.1% of the total share capital and has 70.3% of the voting rights. Li Xiang previously founded BubbleNet and Auto House , and is the co-founder and investor of Weilai.

According to public information, the ideal car has completed 9 rounds of financing since its establishment. According to the prospectus, the latest round of financing was the D round of financing on July 1 this year, raising 550 million US dollars. This round of financing was led by Meituan (03690) with a US$500 million investment and a post-investment valuation of US$4.05 billion. On August 16, last year, the ideal car C round of financing was 530 million US dollars, led by Meituan founder Wang Xing, followed by Li Xiang and Toutiao.

The proceeds will be used for new product research and development, further research and development of production equipment, and general company purposes and working capital.

According to the prospectus, Ideal Car had no revenue in 2018, revenue in 2019 was 284 million yuan, and revenue in the first quarter of 2020 was 852 million yuan. The company started mass production of the first ideal ONE car in November last year. As of June 30 this year, it has delivered more than 10,400 ideal ONE cars. The company also plans to launch a premium electric SUV in 2022.

 

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  Ideal car goes public in the United States. Chinese new energy vehicle company went to the US to go public.

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