NIO Plans to Offer 75 Million ADSs, Targets $1.5 Bln to 1.7 Bln

(Source: NIO)

Shanghai-based smart electric vehicle maker NIO (NYSE: NIO) announced on Aug. 27 that it plans to offer additional 75 million American depositary shares (ADSs) and grant the underwriters a 30-day option to purchase an excess of 11.25 million ADSs, according to a press release.

The underwriters of the ADS offering include Morgan Stanley & Co. LLC, China International Capital Corporation Hong Kong Securities Limited, and BofA Securities, Inc, according to Business Insider.

The raised amount will be mainly used to increase its share capital of NIO China, repurchase equity interest held by few shareholders of NIO China, research and development in autonomous driving technology, and expand the global market, Business Insider reported.

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The company said in its filing that the total financing amount is between $1.497 billion and $1.722 billion.