Chinese electric vehicle manufacturer Nio has successfully completed a $1.16 billion ($1.48 billion) equity fundraising through its recent share offering.

The EV company, which maintains secondary listings in both Hong Kong and Singapore markets, issued over 181.8 million shares at $5.57 per American depositary share (ADS) and HK$43.36 per Class A ordinary share.

The offering did not include any Singapore dollar-denominated securities. Nio intends to allocate the net proceeds toward advancing research and development of core smart electric vehicle technologies, building future technology platforms and vehicle models for its brand portfolio, expanding its battery swapping and charging infrastructure network, strengthening its financial position, and supporting general corporate operations.

The equity offering was underwritten by Morgan Stanley Asia, UBS Securities, UBS Hong Kong, and Deutsche Bank Hong Kong Branch.

Nio's Singapore-listed shares gained momentum on September 17, closing 78 cents higher at $7.28, representing a 12% increase for the trading session.