An electric vehicle (EV) battery-swapping technology company.
- HQ: Xuhui, Shanghai, China
- https://en.upower.com/
The company announced the pricing of its IPO earlier this morning, noting that 2.4 million shares would be sold at $6 apiece to raise nearly $15 million.
U Power, which also operates as Upincar and UNEX, started as a vehicle sourcing service provider in China, and brokers vehicle sales between wholesalers and buyers, which include dealerships and individuals in lower-tier cities. In 2020, it shifted its focus and also began developing its proprietary automated battery-swapping stations, under the UOTTA brand. In 2021, it partnered with auto manufacturers to adapt certain EV models to work with its UOTTA stations. In January 2022, it started operating a battery-swapping station, pursuant to a cooperation agreement with a local gas station operator in Quanzhou City.
The startup surged as high as $75 before closing at $43.18 after pricing its initial public offering at $6. It capped the best debut among companies to list in the US this year after blowing past the 255% boom seen for shares of Multi Ways Holdings Ltd.
U Power was halted at least 22 times Thursday after listing on the Nasdaq Capital Market. The company’s gross proceeds are expected to be about $14.5 million, before deducting underwriting discounts and commissions, and other offering expenses. WestPark Capital Inc. is the sole book running manager for the offering and Orientiert XYZ Securities Limited is a co-manager.
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