Source:https://www.wsj.com/articles/a-chinese-tesla-rival-launches-1-3-billion-u-s-ipo-1535519800
Chinese electric-vehicle maker NIO Inc. launched a U.S. stock sale that could raise up to $1.32 billion, moving to tap the public markets before generating any substantial revenue.
The Shanghai-headquartered company, which has billed itself as an emerging rival to Tesla, is planning to list on the New York Stock Exchange in about two weeks.
NIO launched an initial public offering of 160 million American depositary receipts at a price range of $6.25 to $8.25. That values the car maker at up to $8.5 billion ahead of its trading debut.
At the top of the price range, NIO would raise gross proceeds of $1.32 billion. The company could raise as much as $1.52 billion in total if an option to sell 15% more stock is exercised after the shares begin trading.
Still, the offering size is smaller than what NIO was aiming for earlier this year, when the company was hoping to raise at least $2 billion in its IPO, according to an earlier report by The Wall Street Journal.
