WeRide, a company specializing in autonomous technology, has pushed back its plans for an initial public offering in the U.S., stating that it requires additional time to finalize necessary documentation.
The firm was anticipated to present 6.5 million American depositary shares in the price range of $15.50 to $18.50, aiming to secure up to $440 million in a U.S. listing scheduled for this week.
WeRide, known for its development of self-driving technology for robotaxis, minibuses, and freight sanitation vehicles, was last valued at approximately $5.11 billion and has amassed $1.39 billion in funding based on Pitchbook data.
There is uncertainty surrounding whether the Beijing approval for the transaction would need reapplication if the deadline is missed.
Initially established in Silicon Valley in 2017 and registered in the Cayman Islands, WeRide initiated a robotaxi service in Guangzhou, China, in 2019 before filing for an IPO on the Nasdaq in July.
Given the current subdued market for Chinese IPOs in the U.S., WeRide’s potential listing was being closely monitored for indications of improved activity. Should the IPO proceed, it would rank among the most substantial U.S. listings by a Chinese entity since Didi’s IPO in 2021.
In this image illustration, a WeRide emblem of Chinese robotaxi company appears on a smartphone and a pc display.
Getty Images
The autonomous driving technology company WeRide has postponed its initial public offering in the United States, explaining the necessity for additional time to finalize documentation.
“The revision of transaction documents is currently undergoing longer-than-anticipated delays, with efforts underway at WeRide to finalize the required paperwork for progress in the process,” stated the company in a release on Thursday.Â
WeRide had originally planned to offer 6.5 million American depositary shares priced between $15.50 and $18.50, with hopes of raising a maximum of $440 million through a U.S. listing set for this week.
The company, which focuses on self-driving technology for robotaxis, minibuses, and freight sanitation vehicles, was most recently valued at approximately $5.11 billion and has secured $1.39 billion in total funding, according to data from Pitchbook.
The approval from Beijing regarding the transaction is due to expire this week, leaving uncertainty as to whether the company would be required to reapply if the deadline lapses.
Incorporated in Silicon Valley in 2017 and officially registered in the Cayman Islands, WeRide initiated a robotaxi service in Guangzhou, China, back in 2019. The company then filed for an IPO on the Nasdaq in the month of July.
Recent years have seen a lackluster market for Chinese IPOs in the U.S., garnering considerable attention towards the potential listing of WeRide as a potential signal of market activity. If successfully completed, this IPO would mark one of the largest U.S. listings by a Chinese company since the IPO of Didi in 2021.
https://www.cnbc.com/2024/08/22/chinas-self-driving-startup-weride-delays-us-ipo-as-deadline-looms.html
