Media365
In a statement on Wednesday, the Shanghai-based carmaker said 181.8 million new shares would be issued, which would be allocated between its American depositary shares (ADS) and its ordinary stock.
Nio is listed in the US, Hong Kong and Singapore. Investors can subscribe to the ADS, to be traded on the New York Stock Exchange, or to ordinary shares in Hong Kong and Singapore.
The share placement was expected to net slightly more than US$1 billion based on a price of US$5.57 per ADS, Nio said. Ordinary stock in Hong Kong and Singapore was offered at HK$43.36 (US$5.57) a share. That represented a 11.3 per cent discount to Nio’s closing price of US$6.28 in New York on Tuesday.
Morgan Stanley, UBS and Deutsche Bank were among the offering’s underwriters, it added. They will have a 30-day option to purchase up to an additional 27.3 million ADS, it added.
Last week, Nio said its second-quarter loss narrowed 26 per cent from the quarter before to 4.99 billion yuan (US$700.7 million). From a year earlier, its loss narrowed 1 per cent.
