TuSimple Holdings, which is developing autonomous driving technology for freight trucks, raised $1.4 billion by offering 33.8 million shares (20% secondary) at $40, above the range of $35 to $39. Cornerstone investors BlackRock, Fidelity, and Capital World Investors had indicated on a combined 10.1 million shares (30% of the deal).
TuSimple has developed a fully integrated software and hardware solution enabling what its believes is the world's most advanced Level 4 (L4) driver-out autonomous semi-truck technology. Its semi-truck specific technology include 1,000 meter perception range, 35 second planning horizon, high definition maps, and an integrated L4 autonomous semi-truck design with a fully redundant sensor suite and components. The company has not generated material revenue to date, and it expects to derive substantially all of its revenue from its Autonomous Freight Network, which is still in the early stages of development and commercialization.
TuSimple Holdings plans to list on the Nasdaq under the symbol TSP. Morgan Stanley, Citi, J.P. Morgan, BofA Securities, Cowen, Credit Suisse, Nomura Securities and RBC Capital Markets acted as lead managers on the deal.
