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Chinese EV maker Nio expects to raise $1.32 billion in IPO


(Reuters) - Chinese Inc, backed by Chinese tech heavyweight Holdings Ltd <0700.HK>, on Tuesday said it expects to raise up to $1.32 billion in its initial public offering.

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.

The IPO comes as the firm, like other Chinese EV makers, seeks fresh investments capital to develop new products and in areas such as autonomous driving and

Nio, formerly known as NextEV, is betting on the benefits of local production to compete with firms such as Inc (

In June, began deliveries of its 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.

Several EV makers like and have also raised funds from heavyweight investors including , and

has been promoting EVs since 2009 and aims to become a as it bids to curb vehicle emissions, and promote

Morgan Stanley, and are some of the lead underwriters for the public offer.

(Reporting by in Bengaluru; Editing by Sweta Singh)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, August 28 2018. 23:43 IST