(Reuters) – Shares of Chinese electric carmaker NIO Inc <NIO.N> fell as much as 15 percent in their market debut, a day after its IPO was priced at the lower end of its expected range.
Shares opened at $6 and fell to a low of $5.35, giving the company a market capitalisation of $5.52 billion (4.24 billion pounds).
The company priced 160 million shares at $6.26 on Tuesday, just above the low end of its $6.25 to $8.25 target price range, raising $1 billion, dragged down by investor concerns about the prospects of chief competitor Tesla Inc <TSLA.O>.
The company, backed by Chinese tech heavyweight Tencent Holdings Ltd <0700.HK>, is the third-biggest U.S. listing by a Chinese firm this year.
(Reporting by Diptendu Lahiri in Bengaluru; Editing by Sriraj Kalluvila)