(Reuters) - Chinese electric vehicle start-up Nio Inc, backed by Chinese tech heavyweight Tencent Holdings Ltd <0700.HK>, on Tuesday said it expects to raise up to $1.32 billion in its initial public offering.
Nio expects its offering of 160 million shares to be priced between $6.25 and $8.25 per share, the company said in a filing. At the higher end of the range, the company will have a valuation of about $8.46 billion.
Nio, formerly known as NextEV, is betting on the benefits of local production to compete with firms such as Tesla Inc
In June, Nio began deliveries of its ES8 pure-electric, seven-seat sport-utility vehicle, which the company sees as a rival to Tesla's Model X. It also plans to launch a second, lower-priced electric sport-utility vehicle, the ES6, by the end of this year.
(Reporting by Diptendu Lahiri in Bengaluru; Editing by Sweta Singh)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)