Chinese EV startup NIO hires banks for $2 billion U.S. stock IPO
Channel: Automotive Sports
Date: 01/03/2018

Shanghai-based NIO has tapped banks including Morgan Stanley and Goldman Sachs to work on the proposed initial public offering of $1 billion-$2 billion, the people said, declining to be identified as the details are not public.

China began promoting electric cars in 2009 and aims to become a dominant global producer as it bids to curb vehicle emissions, boost energy security and promote high-tech industries.

NIO counts Asian tech behemoth Tencent Holdings Ltd as its main backer, alongside investment firms Hillhouse Capital Group and Sequoia Capital. It seeks fresh capital from the proposed IPO to finance its expansion and investments in areas including autonomous driving and battery technologies, one of the people said.

The other banks hired are Bank of America Merrill Lynch, Credit Suisse, Citigroup, Deutsche Bank, JPMorgan and UBS, the people said.
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