AK&M 25 October 2024 15:15
WeRide Inc., a Chinese self-driving car company, has raised $440.5 million in an IPO and private equity offering in the United States. This is reported in the WeRide press release.
WeRide sold 6.5 million American Depositary shares (ADS) at a price of $15.5 per share for $120 million in the IPO. In particular, the manufacturer of automotive components Robert Bosch GmbH acquired ADS for $ 100 million. In addition, a group of investors bought shares of the company for $320.5 million, and Alliance Ventures, the Renault Nissan Mitsubishi Alliance venture fund as a sponsor of WeRide, for $97 million.
Morgan Stanley, JPMorgan Chase & Co. and China International Capital Corp. They act as bookrunners and IPO managers.
The sale of shares completes the WeRide listing process in the United States, which was postponed in mid-August to finalize documentation for the American regulator.
The IPO and placement of shares represents a rare case of a large listing of a Chinese company in the United States and is related to the proposal of the US administration to ban the import and sale of Chinese and Russian-made hardware and software for vehicles that can maintain external communication via Wi-Fi, Bluetooth, cellular or satellite systems.
WeRide has established strategic partnerships with equipment manufacturers and first-tier suppliers, including Renault-Nissan-Mitsubishi Alliance, Yutong Group, GAC Group, Bosch, etc. The fleet of the robotaxi company uses Nissan Motor Co cars.
WeRide is an international company developing self-driving technologies. WeRide has received permission to test unmanned vehicles in China, the United States, the United Arab Emirates and Singapore. The headquarters is located in Guangzhou (China).
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