Driverless Tech Firm Pony AI’s Shares Sink 7.7% After US IPO
- IPO priced at top of marketed range raised $260 million
- Firm also agreed private placements worth $153.4 million
A Pony.ai Inc. autonomous vehicle in the Nansha district of Guangzhou, Guangdong Province, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Pony AI Inc.’s American depositary shares erased an early pop to decline 7.7% in their trading debut after raising $413.4 million in an initial public offering and concurrent private placements, after delaying the pricing by a week.
The Chinese autonomous driving startup’s shares closed at $12 each on Wednesday in New York, below the IPO price. The company sold 20 million ADS in the offering for $13 per ADS, the top of the marketed range, to raise $260 million.