China-based electric vehicle manufacturer NIO has raised US$1 billion in its initial public offering on the New York Stock Exchange, selling 160 million American Depositary Shares (ADS) at a price of US$6.26 per ADS. The company is backed by Singaporean sovereign wealth fund GIC and private equity firms Baidu Capital, ChinaEquity, CITIC Capital Partners, Haitong Kaiyuan Investment, Hillhouse Capital Management, Hopu Investment Management, IDG Capital, Joy Capital, Sequoia Capital, Shunwei Capital Partners, TPG and Warburg Pincus. Existing investors did not dispose of any shares in the offering and are subject to a 180-day lock-up period.