Nio plans $1.32b IPO

Source:Reuters Published: 2018/8/29 22:03:41

Chinese electric vehicle start-up Nio Inc, backed by Chinese tech heavyweight Tencent Holdings, on Tuesday said it expects to raise up to $1.32 billion in its US IPO.

Nio expects its offering of 160 million shares to be priced between $6.25 and $8.25 each, the company said in a filing. At the higher end of the range, the company will have a valuation of about $8.46 billion.

The IPO comes as the company, like other Chinese EV makers, seeks fresh investment capital to develop new products and finance in areas such as autonomous driving and battery technologies.

Nio, formerly known as NextEV, is betting on the benefits of local production to compete with companies such as Tesla Inc.

Posted in: ECONOMY

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