Autonomous Driving Startup WeRide Aims for $5.02 Billion Valuation in IPO
China-based autonomous driving startup WeRide is making waves this year with its announcement of seeking a valuation of up to $5.02 billion in its initial public offering (IPO) in the United States. This move comes at a pivotal time as the Biden administration is anticipated to propose restrictions on Chinese software in autonomous and connected vehicles in the US.
IPO Details and Funding
– WeRide aims to raise $119.4 million through the offering of 6.45 million American depositary shares priced between $15.50 and $18.50 per share.
– Investors have committed to purchasing $320.5 million worth of WeRide shares in a concurrent private placement contingent on the IPO’s completion.
– Robert Bosch GmbH, a German automotive supplier, has shown interest in acquiring shares worth up to $100 million from the IPO.
Underwriters and Stock Listing
– Leading the underwriting for the IPO are Morgan Stanley, J.P. Morgan, and China International Capital Corporation.
– WeRide is set to be listed on the Nasdaq under the symbol “WRD.”
Hot Take: What This Means for You 🚗
If you have been following the developments in the autonomous driving industry, WeRide’s IPO valuation target of $5.02 billion signifies a significant milestone in the sector’s growth. Keep an eye on how this move might impact the future of autonomous vehicles and the global market, as it could pave the way for more innovations and investments in this space.
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