Nandini Rpy Choudhury, writer
Brief news
- WeRide, a self-driving technology company, has postponed its initial public offering (IPO) in the United States due to the need for additional time to finalize documents.
- The company was aiming to raise a maximum of $440 million through a U.S. listing, but the process of updating transaction documents is taking longer than anticipated.
- WeRide, which specializes in self-driving technology for robotaxis and other vehicles, was most recently valued at approximately $5.11 billion and has raised $1.39 billion.
Detailed news
WeRide, a self-driving technology company, has postponed its initial public offering in the United States due to the need for additional time to finalize documents.
“WeRide is currently working to finalize the documentation required to proceed with the transaction, as the process of updating transaction documents is taking longer than anticipated,” the company stated in a statement on Thursday.
It was anticipated that WeRide would issue 6.5 million ADS (American depositary shares) at a price between $15.50 and $18.50. It was aiming to raise a maximum of $440 million through a U.S. listing that was scheduled for this week.
According to Pitchbook data, the organization, which specializes in the development of self-driving technology for robotaxis, minibuses, and freight sanitation vehicles, was most recently valued at approximately $5.11 billion and has raised $1.39 billion.
It is uncertain whether the company would be required to reapply for approval if it fails to meet the deadline, as Beijing’s approval for the transaction is set to expire this week.
Before launching a robotaxi service in Guangzhou, China, in 2019, the company was established in Silicon Valley in 2017 and incorporated in the Cayman Islands. In July, it submitted an application for an initial public offering (IPO) on the Nasdaq.
The U.S. has experienced a barren market for Chinese IPOs in recent years, and a number of investors were monitoring WeRide’s potential listing for indications of a rebound. The IPO would be one of the largest U.S. listings by a Chinese company since Didi’s IPO in 2021 if it is successfully executed.
Source : CNBC News
