Chinese autonomous vehicle company, WeRide, is making significant strides towards its U.S. public debut, following the relaxation of China’s ban on foreign IPOs. WeRide has recently registered 1 billion American Depository Receipts (ADRs) at a maximum price of $0.05, indicating its readiness for a U.S. IPO.
While the exact details of WeRide’s IPO remain uncertain, sources familiar with the matter suggest that the company is aiming to raise up to $400 million through its initial public offering and private placement. Bloomberg’s report indicates that the IPO could account for approximately $100 million, with an additional $200 million to $300 million raised through private placement.
WeRide’s decision to issue ADRs reflects its ambition to penetrate the U.S. market and capitalize on the growing interest in autonomous driving technology. By offering shares in a foreign company on U.S. stock exchanges, WeRide is positioning itself as a major player in the future of the autonomous vehicle industry.
The Chinese EV startup’s move towards an IPO marks a significant milestone, as it could potentially become the largest IPO by a Chinese company in the U.S. stock market since the debut of luxury EV startup Zeekr, which is owned by Geely.
As WeRide continues to make strides in the development of autonomous driving technology, its U.S. IPO represents a pivotal moment for the company to expand its global reach and secure the necessary capital to accelerate innovation in the ever-evolving industry.