On this photograph illustration, a WeRide emblem of Chinese language robotaxi agency is seen on a smartphone and a laptop display screen.
Getty Photographs
Self-driving know-how 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 present taking longer than anticipated, and WeRide is working to finish the documentation crucial 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 know-how for robotaxis, minibuses in addition to freight sanitation automobiles, was final valued round $5.11 billion and has raised $1.39 billion, in response to Pitchbook knowledge.
Beijing approval for the deal will expire this week and it is unclear if the corporate would wish to reapply for approval if it misses the deadline.
The agency was based in Silicon Valley in 2017 and integrated 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. lately, and plenty of had been watching WeRide’s potential itemizing for indicators of decide up. If accomplished, the IPO can be one of many largest U.S. listings by a Chinese language firm since Didi’s IPO in 2021.
