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China’s Nio Launches $1.3 Billion IPO in U.S.
Chinese electric-car startup Nio Ltd. has launched an initial public offering in the U.S. that could raise as much as $1.3 billion.
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Chinese electric-car startup Nio Ltd. has launched an initial public offering in the U.S. that could raise as much as $1.3 billion.
The Shanghai-based carmaker is offering 160 million American depositary receipts at $6.25-$8.25 each. The high end of the range values the company, which introduced its first model in China earlier this summer, at $8.5 billion.
Originally named NexEV, Nio has been planning the IPO since May. In the regulatory filing earlier this month, the 4-year-old company said the offering could fetch as much as $1.8 billion. The company intends to use the IPO funds on product development, manufacturing capacity and sales networks.
Nio’s first model, the ES8 crossover, sells at a starting price of 448,000 yuan ($69,000). A second crossover is due next year, to be followed by a sedan in 2020.
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