Tencent-backed smart vehicle developer Nio has set its pricing range at $6.25 to $8.25 and stands to raise $1.32bn if it floats at the top of its range.
Nio, a China-based smart electric vehicle producer backed by corporates Baidu, Lenovo, JD.com and Tencent, set its pricing range at $6.25 to $8.25 yesterday and will raise up to $1.32bn in its initial public offering.
The company will issue 160 million American Depositary Shares (ADSs). Proceeds could increase to approximately $1.52bn if underwriters take up their over-allotment option for an additional 24 million ADSs in full and Nio would achieve a valuation of $8.5bn in that case.
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