NEW YORK, Oct. 19 (Xinhua) -- Niu Technologies, a Chinese manufacturer of smart e-scooters, started trading on Nasdaq Stock Market on Friday.
The company, trading under the ticker symbol of "NIU", announced its initial public offering (IPO) of 7,000,000 American depositary shares (ADSs) at a price to the public of 9.0 U.S. dollars per ADS for a total offering size of approximately 63,000,000 dollars, before underwriting discounts and commissions.
Each ADS represents two of Class A ordinary shares of the company.
Niu started trading at 8.30 U.S. dollars per share on Friday, dropping 12.78 percent from its pricing, and was traded at 7.85 dollars apiece around midday.
Founded in 2014, the company aims to "redefine urban mobility and make life better." It designs, manufactures and sells high-performance smart e-scooters. As of June 30, 2018, it had sold more than 431,500 smart e-scooters in China, Europe and other countries, said its prospectus.
In 2017, the company led in China's lithium-ion battery-powered electric two-wheeled vehicles market with market shares of 26.0 percent and 39.5 percent in terms of sales volume and sales value, respectively, according to China Insights Consultancy (CIC), an independent research firm.
The fund raised will be used for upgrade and expansion of manufacturing facilities, research and development, as well as distribution network expansion, said its prospectus.
Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc. and Needham & Company, LLC are acting as joint underwriters of this offering.