Niu Technologies, a Chinese startup that makes electric scooters, has filed for an initial public offering in the U.S.
On Monday, Niu Technologies filed for a $150 million IPO with the U.S. Securities and Exchange Commission. The company intends to apply for the listing of its American Depositary Shares or ADS on the Nasdaq Global Market under the symbol “NIU.”
Credit Suisse, Citigroup and Needham & Company are the underwriters for the public offering.
Niu Technologies describes itself as a manufacturer of smart e-scooters. According to independent research firm China Insights Consultancy or CIC, Niu is the largest lithium-ion battery-powered e-scooters company in China.
The company says it plans to use net proceeds from the IPO to expand production from roughly 380,000 units a year currently to 700,000 and 1 million units annually by 2019 and 2020, respectively.
Niu also intends to spend more on research and development as well as distribution network expansion, especially in Southeast Asia and India.
Niu Technologies was founded in 2014. The company’s product portfolio consists of three series – N, M and U, ranging in price from 2,999 yuan to 9,999 yuan. The e-scooters can travel about 45 kilometers to more than 150 kilometers on a single charge, depending on the model.
The e-scooters are connected to the Niu smartphone app and provides real-time data to the owners, including among others, GPS location, anti-theft alerts, daily riding habits and power supply. The Niu app had more than 457,000 registered users as at the end of June, according to the company.
Niu said that as of June 30, 2018, it has stores in more than 150 Chinese cities as well as 18 distributors in 23 other countries. The company claims to have sold more than 431,500 e-scooters in China, Europe and other countries as of June 30.
However, Niu continues to operate at a net loss. For the six months ended June 30, 2018, the company reported a net loss of 314.9 million yuan, compared to loss of 96.6 million yuan in the year-ago period. Revenue surged 95.4 percent from last year to 557.1 million.
by RTTNews Staff Writer
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