EHang Holdings, a Chinese developer of autonomous drones used for passenger services, raised $40 million by offering 3.2 million ADSs at $12.50, the low end of the range of $12.50 to $14.50. Insiders had indicated on $7 million of the IPO. At the IPO price, EHang commands a fully diluted market cap of $687 million.
EHang Holdings plans to list on the Nasdaq under the symbol EH. Morgan Stanley acted as a lead manager on the deal.
