The smart vehicle developer, backed by Tencent, Baidu, JD.com and Lenovo, has hired banks for an IPO expected to raise between $1bn and $2bn.
China-based smart electric vehicle developer Nio has appointed eight banks as underwriters for an initial public offering that will allow corporates including Tencent, Baidu and JD.com to exit, Reuters reported today.
Nio expects to raise between $1bn and $2bn in the offering, which will take place in the US, according to people with knowledge of the matter. The underwriters are Morgan Stanley, Goldman Sachs, Bank of America Merrill Lynch, Credit Suisse, Citigroup, Deutsche Bank, JPMorgan and UBS.
Founded in 2014…
