Aug 22, 2024 - Business

Chinese self-driving startup WeRide postpones IPO

Dan Primack

Robobus in China — Photo: Tan Qingju/Southern Metropolis Daily/VCG via Getty Images

WeRide, a Chinese autonomous driving startup, has postponed an IPO that was seeking to raise around $110 million at a $5.7 billion market cap.

Why it matters: This would have been the first significant U.S. IPO in nearly a month, and there's not currently anything on the post-Labor Day calendar.

It also comes just days before the expiration of WeRide's regulatory approval from Beijing for a U.S. listing, which means it may need to reapply.

Details: WeRide had been expected to price this week, offering nearly 6.5 million shares at between $15.50 and $18.50 per share.

It would have listed on the Nasdaq under ticker "WRD," with Morgan Stanley as left lead underwriter.
Backers include Mubadala, GAC Capital, and Qiming Venture Partners.

Go deeper, via Bloomberg: "WeRide's IPO delay comes as the U.S. is preparing to widen its confrontation with China over autonomous and internet-connected vehicles."

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Chinese self-driving startup WeRide postpones IPO

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