(Bloomberg) -- After a wild day on Thursday when NIO Inc. soared by 76 percent, Friday appears to be another volatile session.
The electric carmaker's stock jumped by as much as 19 percent to $13.80 Friday, the third session since its initial public offering, only to turn negative in the first hour of trade, down as much as 21 percent intraday to $9.22. NIO shares are trading nearly 70 percent above this week's IPO price.
NIO raised $1 billion in the year's third-largest U.S. listing by a Chinese company. The initial public offering priced at $6.26, near the bottom of the offering range, on Sept. 12. Strong trading in NIO could encourage other Chinese firms to move forward with their own plans for U.S. listings.
To contact the reporter on this story: Drew Singer in New York at dsinger28@bloomberg.net
To contact the editors responsible for this story: Courtney Dentch at cdentch1@bloomberg.net, Brad Olesen, Richard Richtmyer
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