Tesla Rival NIO Raises $1 Bln In U.S. IPO Priced Near Bottom

(RTTNews) - Chinese electric vehicle start-up NIO Inc. (NIO), which seeks to take on the likes of Tesla Inc, said Wednesday that it priced its initial public offering of 160 million American depositary shares or "ADSs" at a price to the public of $6.26 per ADS for a total offering size of about US$1.0 billion, assuming the underwriters do not exercise their option to purchase additional ADSs. Each ADS represents one Class A ordinary share of the Company. The electric-car maker, backed by Tencent Holdings Ltd. priced the stock near the low end of the expected range of $6.25 to $8.25 per ADS.

The American depositary shares are expected to begin trading on the New York Stock Exchange on September 12, 2018 under the symbol "NIO." The offering is expected to close on September 14, 2018, subject to customary closing conditions.

The company noted that it 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 million additional ADSs to cover over-allotments.