China's Niu raises $63m in IPO, closes down on debut
Chinese electric scooter manufacturer Niu Technologies ended its first day of trading on NASDAQ down 3.9% after raising $63 million in a scaled back IPO. The company’s backers include GGV Capital, Future Capital, and IDG Capital.
Niu sold 7 million American Depository Shares (ADS) for $9.00 apiece, according to a filing, below the targeted 8.3 million ADS at $10.50-12.50. GGV covered 15.9% of the offering, paying approximately...
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