China’s Tesla-Wannabe Runs Out of Juice
Electric-car maker Nio Inc. priced its New York initial public offering (IPO) shares just a penny above the bottom of their previously given range, amid a growing wave of investor skepticism over new listings by money-losing Chinese startups, a source familiar with the listing said.
The pricing at $6.26 per American depositary share (ADS) compares with the previously announced range of $6.25 to $8.25, said the source, speaking on condition of anonymity because the information is not yet public. At that price the company would raise about $1 billion, or well below its original fundraising target of up to $1.8 billion revealed when it filed its original IPO prospectus last month.
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