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Shares of China-based electric car manufacturer Nio Inc.
NIO + 0.16%
collapsed when they debuted on the New York Stock Exchange, after the company announced as Tesla Inc.
TSLA, + 3.82%
rival assessed its initial public offering at the lower end of its range. The first trade was at $ 6.00 at 10:32 am Eastern time for 8.3 million shares, or 4.2% less than the price of $ 6.26. The expected price range was $ 6.25 to $ 8.25. The company raised $ 1.00 billion during the IPO, which placed a $ 6.4 billion valuation on the company. The stock has declined further since opening, reaching an intraday trough of $ 5.35. Some losses were reduced by 6.1%. The stock became public at a time when the Renaissance IPO ETF
Initial Public Offering, -0.50%
has lost 2.5% in the last three months and the S & P 500
SPX, -0.15%
gained 3.4%, while Tesla shares lost 17%.
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