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NIO denies to go public on Sept. 18 on New York Stock Exchange

Shiny From Gasgoo| August 24 , 2018

China auto news, NIO IPO go public New York Stock Exchange

Shanghai (Gasgoo)- Chinese EV startup NIO will reportedly go public on the New York Stock Exchange on Sept. 18. A local report said that with a market valuation of $ 6 to 8 billion, NIO will raise $ 1 billion to finance its NEV development. 

However, the reported sum is less than that on NIO's IPO prospectus.  On Aug. 14, NIO, backed by Chinese tech heavyweight Tencent, officially filed for at least $1.8 billion IPO and applied for going public on the New York Stock Exchange under the symbol "NIO", according to its filing with the Securities and Exchange Commission. 

Besides, NIO confirmed that the date is not Sept. 18, but the exact date is still a secret. The company has hired Morgan Stanley, Goldman Sachs, JPMorgan, Bank of America Merrill Lynch, Deutsche Bank, Citigroup, Credit Suisse, and WR Securities as underwriters. 

It is noteworthy that NIO targets to tenfold its price-earnings ratio over next five years. According to the valuation from its IPO roadshow, the EV maker should gain a net profit ranging between $800 million and $1billion in 2023.

On Aug. 21, Chinese EV startup NIO reportedly had suffered substantial valuation shrink, which ranged between $ 27 to 29 billion, compared with the previous valuation of $ 37 billion.

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