China’s WeRide Seeks Up to $440 Million in US IPO, Placement
- Robotaxi firm to raise $320.5 million in private placements
- Renault Nissan Mitsubishi Alliance agreed to back listing
A WeRide L4 autonomous bus in Guangzhou, China.
Photographer: Chen Jimin/China News Service/Getty ImagesThis article is for subscribers only.
WeRide Inc., a Chinese self-driving automotive company, is seeking to raise as much as $440 million in a US initial public offering and concurrent private placement.
The Guangzhou-based autonomous vehicle company, which was granted approval last year by the Chinese securities regulator for a US listing, is offering 6.45 million American depositary shares at $15.50 to $18.50 each, according to a US Securities and Exchange Commission filing Friday confirming an earlier Bloomberg News report. With each ADS representing three ordinary shares, WeRide would have a market value of about $5 billion at the top of that range based on the filing.