, Columnist
Shame, Tesla-Alike NIO Could Have Used the Extra Cash
An IPO at the bottom of the Chinese company’s range won’t lift spirits.
NIO’s EP9 autonomous electric vehicle on display in Beijing.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
What’s a dollar here, a dollar there? A lot, if you’re NIO Inc.
The Chinese electric-car company, a self-proclaimed rival to Tesla, priced its initial public offering in New York on Wednesday and came in at the bottom of its range of $6.25 to $8.25 per share. The 160 million American depositary shares sold raised $1 billion. That values the company just north of $6 billion, far less than the $20 billion it had hoped for in the early stages.