Chinese EV maker Nio expects to raise $1.32 billion in IPO


(Reuters) - Chinese electric vehicle start-up Nio Inc, backed by Chinese tech heavyweight Tencent Holdings Ltd , on Tuesday said it expects to raise up to $1.32 billion in its initial public offering.Nio expects its offering of 160 million shares to be priced between $6.25 and $8.

25 per share, the company said in a filing. At the higher end of the range, the company will have a valuation of about $8.46 billion.The IPO comes as the firm, like other Chinese EV makers, seeks fresh investments capital to develop new products and finance in areas.

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