NIO's Singapore listing will make it the first EV maker in the world to list in three venues.
(Image credit: CnEVPost)
NIO (NYSE: NIO, HKG: 9866) has provided a further update on its plans for a secondary listing in Singapore, which was officially announced last week.
The company said today that it expects to list and commence trading of its Class A ordinary shares on the Main Board of the Singapore Exchange Securities Trading Limited (SGX-ST) on May 20.
Credit Suisse and Goldman Sachs are acting as joint issue managers and PrimePartners Corporate Finance Pte. Ltd. is acting as financial advisor to the proposed secondary listing, according to the company's press release, which provides no additional information.
NIO already had a secondary listing in Hong Kong by way of introduction on March 10, a move that did not involve a new share offering and therefore did not result in new financing.
The company's Singapore listing will make it the first electric vehicle maker in the world to list in three venues.
NIO's Hong Kong listing filing, published in late February, showed that it had applied for a secondary listing not only in Hong Kong, but also in Singapore.
On May 6, NIO officially announced its plans for a secondary listing in Singapore, saying it had received a conditional eligibility-to-list letter from the SGX-ST.
The company's planned listing in Singapore will be similar to that in Hong Kong, also by way of introduction.
NIO has received a conditional eligibility letter (ETL) from SGX-ST on May 5, allowing the stock to be listed and quoted on the SGX-ST main board, according to a statement it released last week.
Upon completion of that listing, the shares listed in Singapore will be fully fungible to the company's American Depositary Shares (ADSs) listed on the New York Stock Exchange (NYSE), which will also continue to be listed and traded primarily on the NYSE, the company said.