Autonomous Driving Tech Firm TuSimple To Raise Over $1B In IPO Valued At $8.3B

Autonomous-driving technology company TuSimple Holdings Inc TSP offered 27 million shares along with 6.76 million shares from a selling shareholder at an expected offer price bracket between $35 and $39 in its initial public offering (IPO) valued at $8.3 billion.
The expected gross proceeds will range between $946 million and $1.05 billion.
The underwriters have a 30-day option to purchase additional shares up to 5 million.
TuSimple has sought a Nasdaq listing under the ticker symbol “TSP.”
The company’s net loss of $198.8 million in 2020 grew 37% year on year. Revenue jumped 157% to $1.8 million.
Volkswagen AG’s VLKAF VWAGY commercial trucking unit TRATON SE and United Parcel Service Inc UPS backed TuSimple was developing self-driving trucks with Navistar International Corp NAV that were scheduled for production in 2024.
TuSimple’s technology will reportedly reduce labor costs and accidents.
The Committee on Foreign Investment in the U.S. (CFIUS) investigated a 2017 investment from Chinese technology firm Sina Corp affiliate Sun Dream Inc as per a TuSimple disclosure last month.
Alphabet Inc’s GOOG GOOGL Waymo and China-based XPeng Inc XPEV were also fast-tracking their self-driving technologies.