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Chinese e-car start-up announces NYSE iop

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Added On September 14, 2018

A Chinese electric vehicle start-up made its initial public offering or IPO, at the New York Stock Exchange on Wednesday.

NIO Incorporated announced the initial public offering would be 160,000,000 American depository shares or ADS.

The total offering size is of approximately one billion dollars, at 6.26 U.S. dollars per ADS.   

The company has granted the underwriters an option, exercisable within 30 days from the date of the final prospectus, to purchase up to an aggregate of 24,000,000 additional ADSs to cover over-allotments.

NIO started trading at 6 dollars per share on Wednesday, and was trading at 6.27 dollars apiece around midday.

Founded in 2014, NIO is a pioneer in China's premium electric vehicle market.

Founder and chairman of NIO William Li said the powerful potential of the Chinese market and the country's competitive industrial base had given his start-up significant momentum.

The funds raised will mainly be used for product R&D, services and technology, and building sales channels and manufacturing facilities.