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Beijing-based Niu Technologies, an electric scooter start-up, has filed for a US initial public offering to raise US$150 million, under the symbol NIU.
Financial terms of the offering have not been disclosed. Credit Suisse and Citi are the joint bookrunners on the deal.
Founded in 2014, Niu seeks to bring to the consumer a high-quality e-vehicle at an affordable price.Its scooters are connected to the cloud, enabling over-the-air software updates. This also allows the company to collect data, which is used to improve its products.
The company’s revenue increased to RMB769 million (US$112 million) in 2017 as against RMB355 million (US$52 million) in 2016, with a net loss of RMB233 million (US$34 million) in 2016 and RMB185 million (US$27 million) in 2017.
In the first half of 2018, it recorded revenue of RMB557 million (US$81 million) and a net loss of RMB315 million (US$46 million), the company’s said in the filing.
Proceeds of the IPO will be used for production facilities upgrade and expansion, research and development, channel network expansion and other general corporate purposes.
In 2016, the company had raised US$30 million in series A+ round led by Phoenix Partners and US$50 million in series A financing round from IDG, GGV Capital and Sequoia Capital in 2015.
Source: China Money Network
