Li Auto updated its prospectus today for its U.S. listing and according to its F1 filing, its IPO is an offering of 95 million ADSs.
Its underwriters have an oversubscription option for 14.25 million ADSs at an offering price range of $8-$10.
Based on the midpoint of the offer price range of $9, the company's IPO would have raised $983 million in public funds if the underwriters had exercised their oversubscription rights.
According to the prospectus, Hillhouse Capital, a leading investment firm, will be interested in subscribing $300 million in the Li Auto IPO.
Based on the midpoint of the IPO price range of $9, Hillhouse Capital intends to subscribe for 33.33 million ADSs, or 35.1 percent of the shares to be offered in the Li Auto IPO.
Li Auto also received $380 million in Private Placements in conjunction with the IPO at the final IPO price.
The four cornerstone investors are Meituan Dianping, Wang Xing, Kevin Sunny, and ByteDance.
ByteDance will invest US$30 million, while Meituan Dianping, Wang Xing and Kevin Sunny, as former shareholders, will invest another US$300 million, US$30 million, and US$20 million respectively.
Based on the midpoint of the offering price of $9, the Li Auto IPO financing (if the underwriters exercise the oversubscription), together with the cornerstone investment, is expected a total
Together with the $521 million in cash and short-term investments on Li Auto's books as of June 30, and the $550 million Series D round just completed on July 1, Li Auto's IPO is expected to result in cash on hand of more than $2.434 billion.
Based on the mid-price range of $9, Li Auto's total equity after the IPO will be approximately 888 million ADSs, valuing Li Auto at $8 billion, or $8.8 billion if the offer price is capped at $10.
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