NIO Sold More Shares Than Planned, Raising $428 Million

Chinese electric-vehicle maker NIO (NYSE: NIO) said that its secondary offering of American depositary shares has been priced at $5.95 per share and that it will offer more shares than it had planned, a sign that demand for the offering was strong.

NIO said on Thursday morning that it increased its offering to 72 million shares, up from 60 million as of yesterday, raising $428.4 million minus the fees due to the banks underwriting the offering. 

Those banks, Morgan Stanley, Credit Suisse, and China International Capital Corporation, now have a 30-day option to purchase an additional 10.8 million American depositary shares, up from 9 million in the company's original offering plan.

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Source Fool.com