The Tencent, Baidu, Lenovo and JD.com-backed electric carmaker floated near the foot of its range at a reported $6.4bn valuation.
Nio, the China-based smart electric car developer that counts domestic corporates Tencent, Baidu, Lenovo and JD.com as investors, raised approximately $1bn when it floated on the New York Stock Exchange yesterday.
The initial public offering consisted of 160 million American depositary shares (ADSs) priced at $6.26 each, almost at the bottom of the $6.25 to $8.25 range the company set late last month. It valued Nio at $6.4bn according to Bloomberg.
Founded in 2014 as NextEV before officially…
