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Shame, Tesla-Alike NIO Could Have Used the Extra Cash

Anjani Trivedi
Shame, Tesla-Alike NIO Could Have Used the Extra Cash

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. Throughout the prospectus, the company uses $7.25 a share, the mid-point of its range, and says net proceeds could be $1.11 billion to $1.27 billion.