China’s self-driving startup WeRide has postponed its planned initial public offering (IPO) in the U.S., citing delays in finalizing necessary documentation. The company, which was set to list 6.5 million American depositary shares (ADS) priced between $15.50 and $18.50, aimed to raise up to $440 million.
The delay comes at a challenging time for Chinese IPOs in the U.S., a market that has been notably sluggish in recent years. WeRide, known for its self-driving technology across robotaxis, minibuses, and freight vehicles, had previously filed for an IPO on the Nasdaq in July. The company was last valued at approximately $5.11 billion and has raised $1.39 billion to date.
The approval for the deal from Beijing is set to expire this week, raising questions about whether WeRide will need to reapply if it misses the deadline. The IPO’s postponement is a notable development, given the anticipation that the listing could signal a resurgence in Chinese IPO activity in the U.S. It would have been one of the largest such listings since Didi’s 2021 IPO.
WeRide, founded in Silicon Valley in 2017 and incorporated in the Cayman Islands, launched its robotaxi service in Guangzhou, China, in 2019.
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