China-based electric vehicle maker Nio has raised US$1.16 billion ($1.48 billion) in its equity offering which took place last week.
The company, which has secondary listings in Hong Kong and Singapore, offered more than 181.8 million shares priced at US$5.57 per American depositary shares, or ADS, as well as HK$43.36 per Class A ordinary share.
There is no Singdollar-denominated issue. The company plans to use the net proceeds to invest in research and development of core technologies for smart electric vehicles, develop future technology platforms and vehicle models across its brands, expand its battery swapping and charging network, further strengthen its balance sheet, and for general corporate purposes.
This issue is managed by Morgan Stanley Asia, UBS Securities, UBS Hong Kong and Deutsche Bank, Hong Kong Branch.
Nio’s shares on the SGX closed 78 cents higher or 12% up at $7.28 on Sept 17.
