Niu Technologies, the Chinese maker of smart electric scooters, raised $63 million after downsizing its U.S. initial public offering.
The Beijing-based company sold 7 million American depositary shares at $9 apiece, it said in a statement dated Thursday, confirming an earlier Bloomberg News report. Niu had been marketing a sale of 8.3 million shares at $9 to $10 apiece, after initially offering them at $10.50 to $12.50 each.
Niu’s offering adds to the $7.8 billion raised by Chinese companies in U.S. first-time share sales, nearly double last year’s volume, according to data compiled by Bloomberg. Nio Inc., a Chinese electric-car maker that started trading in the U.S. last month, is up 20 percent from its offer price.
Chinese companies that listed in the U.S. this year have risen an average 12.5 percent since their IPOs when adjusted by deal size, the data show. The benchmark S&P 500 Index has gained 3.6 percent since the start of the year.
Credit Suisse Group AG, Citigroup Inc. and Needham & Co. arranged Niu’s share sale.