Electric Vehicle Startup Nio Seeks $1.8 Billion IPO on NYSE

17 Août, 2018, 05:02 | Auteur: Auguste Feret
  • A Nio concept car on display during the Beijing Auto Show in April

But the upstart Chinese automaker faces a long road ahead for its proposed float of up to US$1.8 billion on the New York Stock Exchange.

NIO is aiming for high-performance, premium segment in what's rapidly becoming a crowded EV market in China. According to previous reports, NIO had plans to file for a US-based listing in September, with the company refusing to comment at that time.

Li Bin, founder and CEO of NIO Automobile, said in an open letter in the foreword of the prospectus that 50 million shares, i.e. one-third of the total shares, will be transferred to "user trust fund".

NIO is also joining several sizable Chinese listings in NY this year, even as Sino-U.S. trade tensions involving tit-for-tat tariffs rattle global stock markets. Ltd and Kandi Technologies Group, are listed in the U.S., Nio's IPO would dwarf their presence on the stock exchange. If approved, Nio would be the second largest, after streaming service iQiyi, which raised $2.42 billion from a Nasdaq IPO in March. Its investors include Baidu, Lenovo and Sequoia Capital.

With numerous world's electric vehicles being sold in China, it isn't a surprise that many want to involve themselves in the industry. Nio chiefs hope the figures will even out as it delivers more ES8s to customers, although rival electric brand Tesla has proven that achieving this is easier said than done. NIO is sufficiently funded for its operations and mass-production plans, Li said earlier this year.

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The Chinese auto maker in late June began making deliveries of its first mass-produced electric vehicle, the ES8, after unveiling the $67,000 seven-seat SUV past year.

As of July 31, Nio had delivered 481 ES8 vehicles and had "unfulfilled reservations for more than 17,000" more for which people had put down deposits, the filing says. Nio also said that it incurred a net loss of $502.6 million in the first six months of 2018 on revenues of $6.95 million in revenues.

NIO mainly plans to use the proceeds to be raised for research and development of products and technology, marketing and developing manufacturing facilities.

The offering is being led by Morgan Stanley, Goldman Sachs Group Inc, JP Morgan Chase & Co, Bank of America Corp, Deutsche Bank AG, Citigroup Inc, Credit Suisse Group AG and UBS Group AG.

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