China’s WeRide, the company that produces robotaxis and autonomous vehicles technology, is preparing a US initial public offering (IPO). According to a US Securities and Exchange Commission (SEC) filing made on Friday, the firm is looking to raise $440 million through the IPO.
WeRide will offer 6.452 million American Depositary Shares (ADS), with each ADS representing three Class A ordinary shares. The company expects each ADS to have an IPO price between $15.50 and $18.50.
A group of investors, including Alliance Ventures, the venture capital fund of the Renault Nissan Mitsubishi Alliance, (JSC International Investment Fund SPC, and Get Ride Inc., already privately agreed to purchase $320.5 million in Class A ordinary shares. German engineering and tech company also committed to buying $100 million worth of shares at the IPO price.
WeRide’s IPO offering has been one of the rare entries of a Chinese company on the US stock market. The largest IPO offering in 2024 by a company from China came in May when electric vehicle maker Zeekr debuted with a sale of $441 million shares. Zeekr’s stock has plunged 52.16% since then.
WeRide was founded in 2017 and has since experienced a rapid growth. It currently has testing or driving permits for autonomous vehicles, including robotaxis and self-driving cargo vans, in seven countries and 30 cities.