China’s self-driving startup WeRide delays U.S. IPO as deadline looms

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China’s self-driving startup WeRide delays U.S. IPO as deadline looms

In this photo illustration, a WeRide logo of ******** robotaxi firm is seen on a smartphone and a pc screen.

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Self-driving technology company WeRide delayed its plan for an initial public offering in the U.S., citing its need for more time to complete documents.

“Updating transaction documents is currently taking longer than expected, and WeRide is working to complete the documentation necessary to move forward with the transaction,” the company said in a statement Thursday.

WeRide

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to offer 6.5 million ADS (********* depositary shares) in the range of $15.50 to $18.50. It was looking to raise up to $440 million in a U.S. listing that had been set for this week. 

The company, which develops self-driving technology for robotaxis, minibuses as well as freight sanitation vehicles, was last valued around $5.11 billion and has raised $1.39 billion, according to Pitchbook data.

Beijing approval for

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will expire this week and it’s unclear if the company would need to reapply for approval if it misses the deadline.

The firm was founded in Silicon Valley in 2017 and incorporated in the Cayman Islands, before it launched a robotaxi service in Guangzhou, China, in 2019. It filed for an IPO on the Nasdaq

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.

It has been a dry market for ******** IPOs in the U.S. in recent years, and many were watching WeRide’s potential listing for signs of pick up. If completed, the IPO would be one of the largest U.S. listings by a ******** company since Didi’s IPO in 2021.

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#Chinas #selfdriving #startup #WeRide #delays #U.S #IPO #deadline #looms

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