The IPO would be one of the largest US listings by a Chinese firm since Didi Global’s in 2021
Chinese self-driving start-up WeRide has filed for a US$119.4 million initial public offering (IPO) on Nasdaq and a private placement of US$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 US$15.5 to US$18.5 apiece, raising up to US$119.4 million. It also plans to raise around US$320.5 million in a concurrent private placement.
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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 US.
Chinese IPOs in the US 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.
The IPO would be one of the largest US listings by a Chinese firm since Didi’s in 2021. It would be the second major China-based company to seek a US listing this year. In May, electric-vehicle maker Zeekr debuted on the New York Stock Exchange.
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