Electric vehicle start-up 'seeks bln'

Updated 2018-03-01 14:09:01

Chinese electric vehicle start-up Nio has hired eight banks including Morgan Stanley and Goldman Sachs to work on a planned US stock market listing this year worth up to billion, Reuters said Wednesday, citing people with knowledge of the matter.

Other banks are Bank of America Merrill Lynch, Credit Suisse, Citigroup, Deutsche Bank, JPMorgan and UBS, said the people, declining to be identified as the deal details are not public.

Nio's proposed IPO of billion to billion comes as the company, founded by Chinese internet entrepreneur Li Bin in 2014, seeks fresh capital to finance its expansion and investments in areas including autonomous driving and battery technologies, one of them said.

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