Intelligent Recharge Technology (XCH.US) increases IPO size, fundraising amount will increase by 6% to $23 million.

Chinese electric vehicle charging company SmartCharge Technology (XCH.US) has increased its IPO issuance size. The company currently plans to issue 3.3 million American Depositary Receipts (ADRs) at a price range of $6 to $8 per share, raising $23 million. The company had previously applied to issue 3.2 million ADRs at the same price range. Based on the revised price range midpoint calculation, SmartCharge Technology's fundraising size will be 6% higher than expected, with a fully diluted market value of $415.3 million. Founded in 2015 and headquartered in Beijing, SmartCharge Technology provides comprehensive solutions for electric vehicle charging. Its products mainly include DC fast chargers in the C6 series and C7 series, as well as advanced battery-integrated DC fast chargers in the "Net Zero Series (NZS)" and related services. The company has started commercial deployment of its NZS solutions in Europe, the Americas, and Asia, with customers including electric vehicle manufacturers, global energy companies, and charging point operators. In the 12 months ending on March 31, 2024, SmartCharge Technology had sales of $42 million. The company plans to list on Nasdaq under the ticker symbol "XCH". HTSC and UP Fintech Holding Ltd. Sponsored ADR Class A are the joint book-running managers for this transaction.