Chinese electric vehicle (EV) maker Li Auto's IPO in the U.S. has been fully subscribed, according to IFR, a Reuters media outlet.

On July 25, Li Auto (ticker: "LI"), a major rival of Nio, updated its prospectus with the U.S. SEC, announcing that it will issue 95 million ADS shares.

The underwriters of the IPO have an oversubscription option for 14.25 million ADSs at a price range of $8-$10.

In other words, if the underwriters exercise their oversubscription rights, the Li Auto IPO will raise between $874 million and $1.093 billion.

Earlier this month, Li Auto filed its first U.S. IPO prospectus with underwriters Goldman Sachs, Morgan Stanley and UBS.

Li Auto's total IPO financing will be in the range of $1.254 billion to $1.473 billion.

Li Auto will be valued at $8 billion based on the midpoint of the IPO price of $9. At the upper end of the offering price range of $10, it could reach $8.8 billion.

Li Auto reported no revenue in 2018 and $284 million in 2019.

In the second quarter of 2020 it reported revenue of 1.9 billion yuan ($275 million), up 128.6 percent from 851.7 million yuan ($120 million) in the first quarter of 2020.