Tesla rival Nio to go public after pricing IPO at low end of expectations

China-based electric car company Nio Inc. NIO, +0.00% priced its initial public offering at $6.26 for each U.S.-listed share, near the bottom of the expected range of $6.25 to $8.25, to raise $1.00 billion. If all the options granted to underwriters to buy additional shares are exercised, the company, billed as a rival to Tesla Inc. TSLA, -2.12% could raise up to $1.15 billion. The stock is expected to begin trading on the NYSE under the ticker symbol "NIO" Wednesday morning. The IPO pricing places a $6.4 billion valuation on Nio. The company is going at a time that the Renaissance IPO ETF IPO, +0.46% has slipped 1.3% over the past three months and the S&P 500 SPX, +0.37% has gained 3.6%, while Tesla shares have tumbled 18.5%.

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