EV startup NIO files for IPO

NIO, the Chinese EV startup backed by Tencent Holdings, has filed for a US initial public offering, Bloomberg reports.

The Shanghai-based carmaker NIO (formerly known as NextEV) has submitted an initial confidential filing with the SEC, according to unnamed sources. The share sale, which could raise as much as $2 billion, is expected to take place this summer or early autumn.

NIO, founded by William Li and a group of other internet entrepreneurs, started selling an SUV in December with a price tag of 448,000 yuan ($70,000) before incentives.

Chinese companies are on an IPO binge – US first-time shares sales have raised $3.8 billion so far this year, on track to easily exceed the $4 billion of deals made in 2017, according to Bloomberg.

 

Source: Bloomberg