Chinese autonomous-driving firm WeRide seeks up to US$440 million in US IPO, placement

A group of investors agreed to buy US$320.5 million worth of WeRide’s ordinary shares via private placements

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A WeRide robotaxi on the road. Photo: Handout

Published: 11:26am, 10 Aug 2024

Chinese autonomous-driving company WeRide is seeking to raise as much as US$440 million in a US initial public offering (IPO) and concurrent private placement.

WeRide – a Cayman Islands holding company whose operations are mainly conducted by Guangzhou Wenyuan Zhixing Technology and its subsidiaries in mainland China – 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 on Friday, confirming an earlier Bloomberg News report. Each ADS represents three ordinary shares.

The company was granted approval last year by China’s securities regulator for a US listing.

A group of investors agreed to buy US$320.5 million worth of ordinary shares via private placements, the filing shows. Alliance Ventures, the venture capital fund of the Renault Nissan Mitsubishi Alliance and an existing WeRide backer, is set to purchase US$97 million worth of shares, according to the filing.

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Alliance Ventures took part in WeRide funding rounds in 2018 and 2021. Other investors buying stock in the private placements include JSC International Investment Fund and Get Ride.