(Reuters) – Self-driving agency WeRide notched a valuation of $4.21 billion after elevating $120 million in its U.S. preliminary public providing on Friday, changing into the most recent Chinese language firm to capitalize on easing regulatory hurdles to record in New York.
The corporate offered 7.7 million American depositary shares within the providing at $15.50 a bit, the decrease finish of its focused vary of $15.50 to $18.50 per ADS.
It additionally raised round $320.5 million in a concurrent personal placement. WeRide, recognized for autonomous taxis, vans, buses and road sweepers, is testing and conducting industrial pilots in 30 cities throughout seven nations.
Self-driving know-how remains to be within the experimental levels globally, with robotaxi firms going through vital technical and regulatory challenges. Even so, China has been extra proactive in approving trials in comparison with the USA.
The IPO follows the debut of Chinese language EV maker Zeekr on the New York Inventory Trade earlier this 12 months and comes at a essential second for the market because it makes an attempt to stage a significant rebound in 2024.
A number of high-profile firms at the moment are attempting to check investor urge for food following a chronic downturn, pushed by rising rates of interest and geopolitical turmoil.