EV battery-swapping developer U Power proposes terms for $18M IPO
2d illustrations and photos
Chinese EV battery-swapping tech developer U Power (UCAR) has set terms for a proposed $18M US initial public offering.
U Power now plans to offer 2.5M shares prices between $6 and $8, which would raise around $18M if priced at the midpoint. AMTD Global Markets and WestPark Capital are serving as lead bookrunners.
The company hopes to list its shares on Nasdaq under the symbol UCAR.
Incorporated in the Cayman Islands, U Power conducts business through operating entities in China. The company has been primarily engaged in brokering auto sales between wholesalers and buyers, but began shifting its focus to developing battery-swapping technology for EVs in 2020.
The company first filed for a US IPO in December, indicating it was looking to raise around $25M.