WeRide, the China-based self-driving tech outfit, has postponed its plans for the launch of its US initial public offering (IPO), citing that it needs more time to complete the required documents.
WeRide Delays Its Intended US IPO
The firm was expected to put up 6.5 million American depository shares (ADS) valued at between $15.50 and $18.50, and aimed to raise an estimated $440m with its US IPO. The listing deadline was set for the week ending 23 August 2024. In a Thursday 22 August 2024 statement, WeRide said:
Updating transaction documents is currently taking longer than expected, and WeRide is working to complete the documentation necessary to move forward with the transaction.
WeRide develops and markets the self-driving technology for autonomous vehicles such as robotaxis, mini buses and freight sanitation vehicles. Pitchbook data indicates that the company is valued at approximately $5.11bn and that it has raised about $1.39bn to date.
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The Beijing approval for the IPO will expire this week. It is not certain whether WeRide will need to reapply for permission after missing the deadline.
Founded in Silicon Valley in 2017 and incorporated in the Cayman Islands, WeRide is now based in Guangzhou, China, where it launched a robotaxi service in 2019. The business filed for its Nasdaq IPO in July 2024.
According to CNBC information, US-based Chinese IPOs have not been doing well over the past few years. Should this listing realise, it is expected to be one of the largest since the DiDi Global Inc. (DIDIY) IPO in 2021.
