NIO raises $1.48b in global share sale

A total of 209 million Class A shares were sold.

NIO Inc. has announced the completion of a $1.48b (US$1.16b) equity offering.

The offering included a total of 209,090,918 Class A ordinary shares, comprising 160,823,190 American depositary shares (ADSs), 20,995,000 Class A ordinary shares, and 27,272,728 ADSs through the underwriters’ full exercise of their option to purchase additional ADSs.

ADSs were sold at $7.12 (US$5.57) each, and Class A shares at $7.13 (HK$43.36) each.

NIO plans to use the proceeds to fund research and development of EV technologies, expand its battery swapping and charging network, develop new vehicle models, strengthen its balance sheet, and support general corporate purposes.

Morgan Stanley Asia Limited, UBS Securities LLC, UBS AG Hong Kong Branch, and Deutsche Bank AG, Hong Kong Branch served as the offering’s lead underwriters.

The ADSs and Class A ordinary shares were sold under NIO’s SEC-registered Form F-3 filing, which became effective on 21 May 2024.

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