Skadden assists NIO with US$3b offering

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Skadden advised Chinese electric vehicle manufacturer NIO on its follow-on offering of 68 million American Depositary Shares (ADS). Each ADS represented one Class A ordinary share of the company and was offered at a price of US$39.

The underwriters fully exercised their option to purchase up to an additional 10.2 million ADS, bringing the total gross proceeds to about US$3.05 billion. The transaction closed on 17 December.

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