Wednesday, February 28, 2018

Dear Elon, Here Comes Some More Competion: Nio Files For $2 Billion IPO

Everybody wants to get into the act.

From the Silicon Valley Business Journal:

Ex-Cisco CTO's Chinese electric car startup eyes $2 billion U.S. IPO
A U.S. IPO that could raise as much as $2 billion could be coming later this year from the Chinese electric vehicle company whose American headquarters is in San Jose.

Reuters cited unnamed sources who said that Nio has hired eight banks, including Morgan Stanley and Goldman Sachs, to work on an offering that would raise between $1 billion and $2 billion in the second half of this year. 

Nio's U.S. operations are led by Padmasree Warrior, the former chief technology officer at Cisco Systems Inc. (NASDAQ:CSCO).

At the high end of the projected IPO range, Nio's offering would be the biggest Chinese listing in the U.S. since Alibaba Group Holding Ltd. (NYSE:BABA) raised $25 billion in 2014. The next biggest after that is the October 2016 IPO in which ZTO Express (NYSE:ZTO) raised $1.41 billion....MORE