NIU, the Chinese company that sells so-called smart electric scooters in 27 countries, is pursuing an initial public offering (IPO) that could raise about US$300 million, according to sources with knowledge of the matter.

The startup, founded in 2014, is working with advisers on the potential IPO, said the sources. Niu is considering listing shares in the United States as soon as this year, the sources said. Preparations for the deal are at an early stage, and details could change, according to the sources.

Niu is considering raising funds as it seeks to tap into the growing demand for battery-powered two-wheelers beyond its Chinese home market. It unveiled two new scooters last month aimed at riders in Europe, where marques like Vespa and Honda are more common on urban streets. Niu sold 4,600 scooters in Europe last year and aims to at least double the number by 2020.

“We are never ruling out the possibility of an IPO,” a spokeswoman for Niu said. If the time came when Niu was going to pursue a listing in Hong Kong, the Chinese mainland, New York or London, “we would follow the protocol for official announcements concerning the IPO,” she said.

Chinese mainland startups continue to seek stock offerings in the United States even as the Hong Kong bourse has started attracting a wider range of tech and health care firms after relaxing its listing rules in April.

Electric vehicle maker NIO filed confidentially earlier this year for a planned New York listing, people familiar with the matter have said. Mainland e-commerce firm Pinduoduo Inc. is seeking as much as US$1.6 billion in a U.S. IPO last week. (SD-Agencies)