WeRide Inc., the Chinese self-driving automotive company, has successfully raised $440.5 million through its long-awaited initial public offering (IPO) and a concurrent private placement in the US. Despite multiple delays, the IPO was priced at the lower end of its $15.50-$18.50 range but was upsized by 20%, resulting in the sale of 7.74 million American depositary shares (ADS).
Additionally, WeRide secured a substantial commitment from investors, with $320.5 million worth of ordinary shares being purchased through private placements. Among the backers is Alliance Ventures, the venture capital fund of the Renault Nissan Mitsubishi Alliance, set to buy $97 million worth of shares.
The IPO underwriters also hold an option to purchase up to 1.16 million additional ADS within 30 days of the prospectus’s final day, potentially boosting the total gross proceeds to around $458.5 million.
This offering marks a significant milestone for WeRide, which faced several hurdles on its path to public listing. The company briefly paused its listing plans in August to accommodate a new investor and delayed further to finalize documentation for US securities regulators. Recently, the Chinese securities regulator renewed its approval for the US listing.
Notably, auto parts giant Robert Bosch GmbH has committed to purchasing up to $100 million worth of ADS at the IPO price. However, this will reduce the number of ADS available to the public.
The IPO comes at a time when Chinese companies are navigating a challenging environment for US listings, especially following the troubled debut of ride-share company Didi Global Inc. in 2021. This year’s largest IPO for a Chinese firm in the US was Zeekr Intelligent Technology’s $441 million offering in May.
Founded in 2017, WeRide specializes in developing autonomous driving technology and is currently testing or deploying its services in 30 cities across seven countries. Its robotaxi fleet operates with vehicles sourced from Nissan Motor Co.
Adding to the complexity, the Biden administration is proposing a rule that could block the import and sale of hardware and software from Chinese and Russian sources for connected vehicles. This rule targets vehicles with external communication capabilities—like Wi-Fi and Bluetooth—due to concerns about potential foreign interference. WeRide’s filings indicate that the company could halt road testing in the US before such a rule comes into effect.
The IPO is being led by Morgan Stanley, JPMorgan Chase & Co., and China International Capital Corp., with WeRide’s ADS set to trade on the Nasdaq under the ticker symbol WRD. As the self-driving industry continues to evolve, WeRide’s successful public debut could signal a new era for Chinese tech firms in the US market.

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