Hesai Group, a Chinese provider of LiDAR products for autonomous vehicles and other uses, raised $190 million by offering 10 million ADSs at $19, the high end of the range of $17 to $19. The company offered 1 million more ADSs than anticipated. Certain executives had indicated on $2 million worth of ADSs in the offering (1% of the deal).
Initially focused on laser sensors for industrial applications, Hesai shifted its business to LiDAR products in 2016 and has since become a leading provider of three-dimensional LiDAR products for advanced driver assistance systems (ADAS), autonomous mobility, and last-mile delivery robots. The company shipped over 103,000 LiDAR units to date, to customers including Li Auto, Jidu, and Lotus.
Hesai Group plans to list on the Nasdaq under the symbol HSAI. Goldman Sachs (Asia), Morgan Stanley, Credit Suisse, and Huatai Securities acted as joint bookrunners on the deal.
