Nio Inc. boosted the size of its capital raising by almost 20 percent as investors rush stock sales by EV makers.
The U.S.-listed, Shanghai-based firm sold 88.5 million American depositary receipts at $17 apiece, according to an emailed statement Monday. It initially planned to sell only 75 million shares.
The some $1.5 billion raised in Nio’s latest offer will be partly used to increase the company’s interest in Nio China. Funds will also be spent on R&D into autonomous driving technologies as well as other general corporate purposes.
