Smart Charging (XCH.US) IPO priced at $6-8 per share, planning to raise $22 million.

XCHG Limited (Intelligent Charging Limited) announced the terms of its IPO on Monday. The company plans to issue 3.2 million American Depositary Shares at a price of $6 to $8 per share, raising $22 million. Based on the midpoint of the proposed range, XCHG (X-Charge) will have a fully diluted market value of $544 million. Intelligent Charging is based in Beijing, China, with significant operations in Hamburg, Germany. It combines proprietary charging technology, energy storage technology, and support services to provide comprehensive electric vehicle charging solutions. Its products mainly include the C6 and C7 series of DC fast chargers, as well as the advanced battery-integrated DC fast chargers of its Net Zero series (NZS). The company has already started commercial deployments of the NZS solutions in Europe, North America, and Asia, with customers mainly including electric vehicle manufacturers, global energy companies, and charging point operators. Intelligent Charging was founded in 2015 and had revenue of $42 million for the 12-month period ending on March 31, 2024. The company plans to list on the Nasdaq under the stock symbol XCH. Tiger Securities and Huatai are the joint book-running managers for this transaction.