China's Nio trades up after smaller-than-expected US IPO
Chinese electric vehicle (EV) maker Nio – which claims its premium vehicle is cheaper and better quality than the Tesla Model X – ended its first day of trading in New York 5.4% above the IPO price following a $1 billion offering.
The company sold 160 million American Depository Shares (ADS) at $6.26 apiece, close to the bottom end of the indicative range. A further 24 million shares could be added to the IPO if underwriters fully...
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