Niu Technologies, China's largest producer of lithium-ion electric scooters, announced terms for its IPO on Tuesday.
The Beijing, China-based company plans to raise $95 million by offering 8.3 million ADSs at a price range of $10.50 to $12.50. Existing shareholder GGV Capital intends to invest $10 million on the offering (10.5% of the deal). At the midpoint of the proposed range, Niu Technologies would command a fully diluted market value of $899 million.
So far this year, 23 China-based companies and 2 SPACs have listed in the US, with an average return of 3%.
Niu Technologies was founded in 2014 and booked $151 million in sales for the 12 months ended June 30, 2018. It plans to list on the Nasdaq under the symbol NIU. Credit Suisse and Citi are the joint bookrunners on the deal. It is expected to price during the week of October 15, 2018.
