WeRide, a Chinese autonomous vehicle company, is officially gearing up for a U.S. public debut, over a year after China started easing its effective ban of foreign IPOs.
The company is seeking a valuation as high as $5.02 billion in its initial public offering. WeRide expects to raise about $96 million from its offering, or $111.
3 million if its underwriters exercise their over-allotment option in full, assuming an IPO share price of $17 per American Depository Share (ADS). The company is offering 6.45 million ADSs at a price range of $15.
50 and $18.50 per share, so it could even raise as much as $119.4 million in the IPO.
On top of that, certain investors have already agreed to purchase shares worth $320.5 million in a concurrent private placement. For example, Alliance Ventures, the venture arm of the Renault Nissan Mitsubishi Alliance, has agreed to buy $97 million worth of shares.
Other investors include JSC International Investment Fund, Get Ride, and Beijing Minghong, according to a regulatory filing . The filing comes after Bloomberg reported that WeRide is seeking up to $400 million in its IPO and private placement, citing sources familiar with the matter. About $100 million of that would come from the IPO and around $200 million to $300 million in the placement.
WeRide did not respond in time to comment. If and when WeRide goes public, this will be the largest IPO by a Chinese company on the U.S.
stock market since Geely-owned luxury EV startup Zeekr began selling sh.