NIO, a China-based producer of high-performing electric vehicles and competitor to Tesla, filed on Monday with the SEC to raise up to $1.8 billion in an initial public offering.
The Shanghai, China-based company was founded in 2014 and booked $7 million in revenue for the 12 months ended June 30, 2018 after it began making deliveries and sales of of the ES8, their electric SUV which launched in December 2017.
It plans to list on the NYSE under the symbol NIO. NIO filed confidentially on April 27, 2018. Morgan Stanley, Goldman Sachs (Asia), J.P. Morgan, BofA, Deutsche Bank, Citigroup, Credit Suisse and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
