NIO hires eight banks for up to USD 2 billion IPO in U.S.

NIO, the Chinese EV startup backed by Tencent Holdings, has submitted an initial confidential filing with the U.S. Securities and Exchange Commission for a planned U.S. initial public offering (IPO), according to people with knowledge of the matter on May 28.
Shanghai-based NIO has engaged eight banks, including Morgan Stanley and Goldman Sachs, to work on the proposed IPO of USD 1 billion-USD 2 billion, according to the unidentified sources, although preparations are at an early stage yet and the size of the deal may change.
NIO plans to take investor orders for the offering as soon as this summer or early autumn, the people said.
(multiple sources on May 28, 2018)