Self-driving agency WeRide notched a valuation of USD 4.21 billion after elevating USD 120 million in its U.S. preliminary public providing on Friday, turning into the newest Chinese language firm to capitalize on easing regulatory hurdles to record in New York.
The corporate offered 7.7 million American depositary shares within the providing at USD 15.50 a chunk, the decrease finish of its focused vary of USD 15.50 to USD 18.50 per ADS.
It additionally raised round USD 320.5 million in a concurrent personal placement.
WeRide, identified for autonomous taxis, vans, buses and avenue sweepers, is testing and conducting industrial pilots in 30 cities throughout seven international locations.
Self-driving know-how remains to be within the experimental levels globally, with robotaxi corporations dealing with important technical and regulatory challenges. Even so, China has been extra proactive in approving trials in comparison with the USA.
The IPO follows the debut of Chinese language EV maker Zeekr on the New York Inventory Trade earlier this yr and comes at a essential second for the market because it makes an attempt to stage a significant rebound in 2024.
A number of high-profile corporations are actually making an attempt to check investor urge for food following a protracted downturn, pushed by rising rates of interest and geopolitical turmoil.
