https://wccftech.com/nio-nyse-nio-floats-101-775-million-shares-to-raise-over-1-73-billion-in-gross-proceeds/

NIO (NYSE:NIO), one of the most prominent Chinese EV manufacturers, has managed to take advantage of the phenomenal effervescence currently being witnessed in the entire EV sphere by managing to successfully pull off a multi-billion-dollar share offering.

We reported on the 28th of August that NIO was gearing up to offer 75 million American Depository Shares (ADS) in order to raise additional funds. As a refresher, ADS are U.S. dollar-denominated equity shares of a foreign company that can be purchased on an American stock exchange. However, on the 31st of August, the company indicated in a new filing that it has increased the size of its base offering to 88.5 million ADS representing an equal number of Class A ordinary shares. Additionally, NIO also granted the deal underwriters the flexibility – known as the ‘greenshoe’ option – to purchase an additional 13.275 million ADS within 30 days of the offering. Bear in mind that the company had earlier limited the size of this greenshoe option to 11.25 million ADS.