NIO, a China-based producer of high-performance electric vehicles, announced terms for its IPO on Tuesday.
The Shanghai, China-based company plans to raise $1.2 billion by offering 160 million shares at a price range of $6.25 to $8.25. At the midpoint of the proposed range, NIO would command a fully diluted market value of $8.0 billion.
NIO was founded in 2014 and booked $7 million in revenue for the 12 months ended June 30, 2018. It plans to list on the NYSE under the symbol NIO. Morgan Stanley, Goldman Sachs (Asia), J.P. Morgan, BofA Merrill Lynch, Deutsche Bank, Citi, Credit Suisse and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of September 10, 2018.
