NEW YORK: WeRide Inc, a Chinese self-driving automotive company, is seeking to raise as much as US$440mil in a US initial public offering (IPO) and concurrent private placement.
The Guangzhou-based autonomous vehicle company, which was granted approval last year by the Chinese securities regulator for a US listing, is offering 6.45 million American depositary shares (ADS) at US$15.50 to US$18.50 each, according to a US Securities and Exchange Commission filing confirming an earlier Bloomberg News report. With each ADS representing three ordinary shares, WeRide would have a market value of about US$5bil at the top of that range based on the filing.
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