Chinese electric car startup NIO has priced its IPO at $6.25 per share according to Reuters. The company had initially set a price range of $6.25 to $8.25 per share during the run-up to its debut, meaning that the firm managed only the lowest-end of its initial target.
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The company will begin trading tomorrow morning on the New York Stock Exchange under the symbol “NIO.”
NIO has yet to refile with the SEC, thus giving us final share counts. However, the company had previously indicated that it will sell 184 million shares at the most, inclusive of the underwriter’s option. At that count, the firm will raise $1.15 billion for its business.
The Shanghai-based automotive upstart raised $2.5 billion while private, including money from Sequoia China, Baidu, and Tencent, giving it a mostly Chinese capital base with an American twist.
As Crunchbase News reported when NIO initially filed to go public, the firm’s history as a business is shockingly short. The Tesla-competitor has only sold a handful of vehicles, meaning that for most of its operating history it has only lost money. As such, it’s difficult for investors to parse the firm’s trajectory.
But its immature business didn’t hamper NIO from going public, raising over a billion in the process. What the company’s impending debut does tell us, therefore, is that the IPO window is still quite open. That’s good news for unicorns at home and abroad.
After all, even the improved 2018 IPO cadence won’t manage to get more than a fraction of the unicorn cohort liquid.
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