August 28, 2018 / 5:53 PM / 25 days ago

Chinese EV maker Nio expects to raise $1.32 bln in IPO

Aug 28 (Reuters) - Chinese electric vehicle start-up Nio Inc on Tuesday said it expects to raise up to $1.32 billion in its initial public offering.

Nio expects its offering of 160 million shares to be priced between $6.25 and $8.25 per share, the company said in a filing. (bit.ly/2BWt7R8)

At the higher end of the range, the company will have a valuation of about $8.46 billion.

Nio, formerly known as NextEV, is one of several largely Chinese-funded EV startups betting on the benefits of local production to compete with firms such as Tesla Inc. (Reporting by Diptendu Lahiri in Bengaluru; Editing by Sweta Singh)

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