China’s EV Battery Swapping Start Up U Power Soars 620% for Biggest IPO Debut of 2023

Chinese battery-swapping station developer U Power (UCAR) raised $15 million by offering 2.4 million shares at $6, the low end of the range of $6 to $8. The company offered 0.1 million fewer shares than anticipated. The IPO float is just 4.6% of basic shares outstanding. With such a small float the stock traded wildly on debut, surging as high as $75, up 620% before closing at $43.18. It was the best debut among companies to list in the US this year. The stock was halted at least 22 times. The IPO had been a holdover, UCAR had planned to raise $18 million at a $368 million market cap.

U Power Upincar

U Power (UCAR)

U Power started as a vehicle sourcing service provider in China, and in 2020, it also began developing automated battery-swapping stations under the UOTTA brand. The company is highly unprofitable and has limited operating history in an emerging market.

  • Underwriters: Maxim Group LLC
  • Book runner: WestPark Capital Inc. is the sole book running manager for the offering and Orientiert XYZ Securities Limited is a co-manager.
  • Headquarters Shanghai, China
  • Founded 2013
  • Employees 121
  • Website: UNEX (

U Power also operates as Upincar and UNEX 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.

Day One for U Power was a Wild Ride

UCAR topped out at $75 before closing at $43.18 after pricing its initial public offering at $6. The 620% gain was the highest for companies to list in the US this year. The previous highest debut was 255% for shares of Multi Ways Holdings Ltd.

U Power

Issuers not included is because the company offered units with warrants attached and priced at a market cap less than $50 million, they will be excluded from Renaissance Capital’s 2023 IPO stats.

From The TradersCommunity Research Desk