Deals
China Electric Scooter Maker Niu Races, Then Falls After IPO
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Niu Technologies, the Chinese maker of smart electric scooters, rose as much as 13 percent and then fell up to 17 percent on its first day of trading after raising $63 million its downsized U.S. initial public offering.
The Beijing-based company sold 7 million American depositary shares at $9 each Thursday. Niu had been marketing 8.3 million shares at $9 to $10 apiece, after initially offering them at $10.50 to $12.50 each. The shares opened at $8.50 Friday and closed down 3.9 percent to $8.65 in New York trading, giving the company a market value of $654 million.