What happened: Smart scooter maker Niu Technologies has announced terms for its US IPO on Tuesday (October 9). The Beijing-based company plans to raise $95 million by offering 8.3 million American depositary receipts at a price range of $10.50 to $12.50. GGV Capital, an existing shareholder of Niu, plans to invest $10 million in the offering.
Why it’s important: Niu’s upcoming IPO has generated a lot of hype. In July, the company was rumored to file for a $300 million IPO. According to the company’s initial prospectus filed in late September, it was planning to raise $150 million from the IPO—over 30% higher than the updated amount it just released. Founded in 2014, Niu Technologies is now one of the largest e-scooter makers in China. For the last fiscal year, the company reported a revenue of $116 million. However, it still operates at a net loss.