On this photograph illustration, a WeRide emblem of Chinese language robotaxi agency is seen on a smartphone and a computer display screen.
Getty Pictures
Self-driving expertise firm WeRide delayed its plan for an preliminary public providing within the U.S., citing its want for extra time to finish paperwork.
“Updating transaction paperwork is at the moment taking longer than anticipated, and WeRide is working to finish the documentation needed to maneuver ahead with the transaction,” the corporate stated in a press release Thursday.
WeRide was anticipated to supply 6.5 million ADS (American depositary shares) within the vary of $15.50 to $18.50. It was trying to increase as much as $440 million in a U.S. itemizing that had been set for this week.
The corporate, which develops self-driving expertise for robotaxis, minibuses in addition to freight sanitation autos, was final valued round $5.11 billion and has raised $1.39 billion, in line with Pitchbook information.
Beijing approval for the deal will expire this week and it is unclear if the corporate would want to reapply for approval if it misses the deadline.
The agency was based in Silicon Valley in 2017 and included within the Cayman Islands, earlier than it launched a robotaxi service in Guangzhou, China, in 2019. It filed for an IPO on the Nasdaq in July.
It has been a dry marketplace for Chinese language IPOs within the U.S. in recent times, and plenty of have been watching WeRide’s potential itemizing for indicators of choose up. If accomplished, the IPO could be one of many largest U.S. listings by a Chinese language firm since Didi’s IPO in 2021.
