Niu Technologies, which is China's largest producer of lithium-ion electric scooters, lowered the proposed deal size for its upcoming IPO on Thursday.
The Beijing, China-based company now plans to raise $79 million by offering 8.3 million shares at a price range of $9 to $10. Insider GGV Capital still intend to purchase $10 million worth of shares in the offering (now 13% of the deal). The company had previously filed to offer the same amount of shares at a range of $10.50 to $12.50. At the midpoint of the revised range, Niu Technologies will raise 17% less in proceeds than previously anticipated and an enterprise value of $680 million.
Niu Technologies was founded in 2014 and booked $150 million in revenue 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 this week.
