Chinese autonomous-driving company WeRide is aiming to raise up to $440 million through a US initial public offering (IPO) and a concurrent private placement. The firm, which operates primarily through its subsidiaries in China under the name Guangzhou Wenyuan Zhixing Technology, is offering 6.45 million American depositary shares (ADS) priced between $15.50 and $18.50 each. Each ADS represents three ordinary shares.
The company has secured commitments for $320.5 million in private placements from a group of investors. Notable among these is Alliance Ventures, the venture capital fund of the Renault-Nissan-Mitsubishi Alliance, which will invest $97 million. Other investors include JSC International Investment Fund and Get Ride. Additionally, automotive parts manufacturer Robert Bosch has agreed to purchase up to $100 million worth of ADS.
The IPO and placements mark a rare large listing by a Chinese company in the US since the problematic IPO of Didi Global in 2021, which triggered a regulatory crackdown by Beijing and increased scrutiny of Chinese firms listing abroad. Despite this, investor interest in Chinese stocks remains subdued, with the S&P China Select ADR Index down 66% from its February 2021 peak and around 9% lower this year.
WeRide, established in 2017, specializes in autonomous driving technology and operates its robotaxi fleet in 30 cities across seven countries. The IPO comes amid anticipated US restrictions on Chinese vehicle software and technology, including autonomous systems. The offering is being managed by Morgan Stanley, JPMorgan Chase & Co, and China International Capital Corp. WeRide’s ADS will be listed on Nasdaq under the symbol WRD.
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