China-based autonomous driving startup WeRide announced on Friday that it has raised a total of $440.5m through an initial public offering (IPO) in the US, alongside a private placement.
With its listing on the Nasdaq Global Select Market, WeRide claims to have become the world’s first publicly listed universal autonomous driving technology company and the first publicly listed Robotaxi company.
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By GlobalDataWeRide issued 7.74 million American depositary shares (ADS) at $15.50 each in the IPO, raising $120m.
Its valuation now surpasses $4bn, bolstered by an additional $320.5m raised through a private placement.
WeRide founder and CEO Tony Han said: “Seven years of perseverance have led to WeRide’s new journey today. We are deeply grateful to our investors, clients, employees, and all our partners for their trust and support. Together, we have achieved this important milestone.
“For us, going public is a new beginning, and WeRide will continue to drive technological innovation, delivering safe, comfortable, and convenient autonomous driving products and services to more countries and regions.”
Since its founding in 2017, WeRide has been “committed to transform urban life with autonomous driving”, offering solutions that range from Level 2 to Level 4.
The company has built a diverse portfolio that includes Robotaxi, Robobus, Robovan, Robosweeper, and advanced driver-assistance systems (ADAS).
Its applications extend across smart mobility, smart logistics, and smart sanitation.
The listing follows a shift in US investor sentiment towards Chinese companies, driven by the resolution of a long-standing audit dispute between China and the US in December 2022, as reported by CGTN.
Law firm Sichenzia Ross Ference Carmel partner David Manno told Reuters: “Companies in hot sectors are going to get attention wherever they’re from.
“There’s so much enhanced disclosure that I don’t think it’s going to be an issue for Chinese companies going public (in the US).”
The Chinese company is currently testing and running commercial pilots in 30 cities across seven countries.
This IPO comes on the heels of Chinese EV maker Zeekr’s debut on the New York Stock Exchange earlier this year.
