WeRide raised $320.5 million in private placement and $120 million in IPO The startup is now valued at $4 billion The autonomous vehicle startup offered 7,742,400 shares at $15.50
According to the press release, WeRide made its initial public offering of 7,742,400 American depositary shares approved at $15.50 to trade at the Nasdaq Global Select Market under the symbol WRD. The offering is expected to close on Monday, October 28. Investors purchased $320.5 million through private placement, and WeRide expects to reach $458.5 million in total, including additional shares. — WeRide.ai (@WeRide_ai) October 25, 2024 According to Reuters, the number of Chinese companies entering the American stock market has significantly decreased in the past few years due to Chinese regulations, especially after the ridesharing company Didi Global was forced to exit the New York Stock Exchange. After China’s regulations softened, more companies are coming back to join the American stock market and WeRide is an example. After this IPO, the startup’s valuation surpassed $4 billion. WeRide develops multiple kinds of autonomous driving vehicles but has been standing out in the robotaxi sphere. In China, the boom of robotaxis is making drivers worry about their future and WeRide’s vehicles have been taking the streets along with the competitor’s vehicles. China has been quickly approving permits and documentation for multiple startups like Apollo Go, AutoX, and Pony.ai. But WeRide is one of the companies making large efforts to reach the American market, despite U.S. strict regulations on its products operating in the country. Due to national concerns, the Biden administration proposed a rule to forbid Chinese hardware and software in autonomous vehicles on American territory.
