NIO Inc. NIO, +15.38% a Chinese startup developing premium all-electric cars, filed for an initial public offering for American depository shares Monday. NIO named a target raise of $1.8 billion, though the target listed on a first filing is typically an estimate used to determine expected fees and is updated with a more solid number in subsequent filings. Reports fromearlier this year suggested that NIO had secretly filed for an IPO and was hoping to raise up to $2 billion. The company just began showing revenue this year, reporting $6.7 million in vehicle sales and $7 million in total revenue in the first six months of 2018, when it lost more than $500 million. The company reported a loss of $758.8 million in 2017. NIO has faced many comparisons with Tesla Inc. TSLA, +0.26% especially with its focus on premium electric automobiles, and NIO mentioned Tesla 13 times in its first filing with the Securities and Exchange Commission. The company expects to list its ADS on the New York Stock Exchange under the ticker symbol NIO, and has enlisted Morgan Stanley, Goldman Sachs and JP Morgan as underwriters.
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