Chinese electric car maker NIO to pursue US IPO in September

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The homepage of NIO, a Chinese electric car maker startup.

Premium autonomous EV startup NIO is speeding its way to the US stock market, The Paper reported.

It’s believed that the Chinese auto manufacturer will submit its IPO prospectus in the US in September in hopes of raising more than US$2 billion.

And the list of underwriters will include well-known investment banks such as Bank of America Merrill Lynch, Credit Suisse, Citi and Deutsche Bank.

Sources say the company will be listed on the New York Stock Exchange by the end of this year or during the first quarter of next year. And the market value could be as high as US$37 billion.

However, when The Paper contacted the company on the matter, the latter responded that “there is no comment on the problems of the capital market.”

Established for four years, NIO, which targets the high-end EV market, has left the impression of being a “money burner.”

Reports say its losses this year could reach as high as 5.1 billion yuan (US$750 million).

Source

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