WeRide, a Chinese developer of autonomous vehicle systems and software, announced terms for its IPO on Friday.
The Guangzhou, China-based company plans to raise $110 million by offering 6.5 million ADSs at a price range of $15.50 to $18.50. Bosch has indicated an interest in purchasing $100 million of ADS in the offering. The company also expects to raise an additional $321 million in a private placement. At the midpoint of the proposed range, WeRide would command a fully diluted market value of $5.0 billion.
WeRide is developing autonomous driving products and services, including Level 4 autonomy. It is currently operating and testing its products throughout 30 cities in 7 countries, and also offers paid autonomous robotaxi services to the public. It has accumulated 10,000 vehicle orders. It also sells robobuses, robosweepers, and related sensor suites.
WeRide was founded in 2017 and booked $52 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol WRD. Morgan Stanley, J.P. Morgan, and CICC are the joint bookrunners on the deal. It is expected to price on Thursday, August 15, 2024.
