🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Chinese self-driving startup WeRide files for $119 million U.S. IPO

Published 10/23/2024, 08:27 PM
Updated 10/23/2024, 09:30 PM
© Reuters. FILE PHOTO: A WeRide autonomous taxi is seen in Guangzhou, Guangdong province, China May 15, 2020. Picture taken May 15, 2020. REUTERS/Yilei Sun/File Photo
NRDE
-

(Reuters) - Chinese self-driving startup WeRide has filed for a $119.4 million initial public offering on Nasdaq and a private placement of $320.5 million, according to a term sheet seen by Reuters on Wednesday.

As part of the offering, the Guangzhou-based company will offer 6.5 million American depositary shares in a price range of $15.5 to $18.5 apiece, raising up to $119.4 million. It also plans to raise around $320.5 million in a concurrent private placement.

The autonomous driving startup had in August said it would seek a valuation of as much as $5.02 billion as part of its IPO, at a time when the Biden administration was expected to propose barring Chinese software in autonomous vehicles in the United States.

The company was granted approval last year by China's securities regulator for a US listing.

It was founded in Silicon Valley in 2017 and later incorporated in the Cayman Islands. It then launched a robotaxi service in Guangzhou, China, in 2019.

Investors had been closely awaiting WeRide's potential listing to look for signs of pickup for Chinese IPOs in the U.S.

Chinese IPOs in the U.S. had dried up in the past couple of years, after ride-hailing giant Didi Global was forced to delist in 2022 following backlash from Chinese regulators.

© Reuters. FILE PHOTO: A WeRide autonomous taxi is seen in Guangzhou, Guangdong province, China May 15, 2020. Picture taken May 15, 2020. REUTERS/Yilei Sun/File Photo

The IPO would be one of the largest U.S. listing by a Chinese firm since Didi's in 2021. It would be the second major China-based company to seek U.S. listing this year. In May, electric-vehicle maker Zeekr debuted on the New York Stock Exchange.

(This story has been corrected to say WeRide filed for a $119.4 million IPO and $320.5 million placement, not $440 mln IPO, in the headline and paragraph 1)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.