China-Based Autonomous Driving Company WeRide Looks To Raise $440M Via US IPO And Private Placement

China-based autonomous driving startup WeRide said on Friday that it is looking to raise up to $440 million in a U.S. initial public offering and subsequent private placement.

What Happened: WeRide is looking to raise up to $119.4 million in the IPO by offering 6.452 million American depositary shares (ADS) priced between $15.50 and $18.50 per share, according to a filing with the Securities and Exchange Commission (SEC.)

Germany-based Robert Bosch GmbH has expressed interest in purchasing up to $100 million of the ADS being offered in the IPO. The company might buy as many as 5.8 million ADS at $17 per ADS, WeRide noted.

Some of the existing WeRide investors have agreed to purchase $320.5 million worth of shares from the company on the completion of the IPO. Alliance Ventures, the venture capital fund of the Renault Nissan Mitsubishi Alliance, for one, has agreed to purchase shares worth $97 million.

Why It Matters: WeRide, which commenced business in 2017, specializes in autonomous driving technologies and is testing and operating products in 30 cities and seven countries across Asia, the Middle East, and Europe. The company plans to list on the Nasdaq under the symbol “WRD”.

For the first half of 2024, WeRide reported revenue of 150.3 million yuan ($20.97 million) and incurred a loss of 881.7 million yuan ($123.03 million), up from a loss of 723.1 million yuan ($100.9 million) reported in the corresponding period last year.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: WeRide