## WeRide Races Ahead with $440.5 Million IPO, Fueling Autonomous Driving Ambitions
In a major move for the autonomous driving sector, Chinese startup WeRide has successfully secured $440.5 million through an initial public offering (IPO) on the Nasdaq Global Select Market. The company, known for its advanced autonomous driving technologies, saw strong investor interest despite the current market volatility, highlighting the potential of this burgeoning industry.
WeRide’s IPO saw 7.7 million American Depository Shares (ADS) priced at $15.5 per share, the lower end of the company’s initial target range. The IPO itself generated $120 million, while additional private placements netted $320.5 million, bringing the total funds raised to $440.5 million. This capital injection will provide WeRide with the resources to further develop and scale its autonomous driving solutions.
Founded in 2017, WeRide has been actively testing and deploying its technologies across 30 cities and seven countries in Asia, the Middle East, and Europe. The company’s focus on real-world testing and deployment sets it apart, as it strives to bring autonomous driving solutions to a wider audience. While WeRide reported revenue of 150.3 million yuan ($20.97 million) in the first half of 2024, it also incurred a loss of 881.7 million yuan ($123.03 million). This is a testament to the significant investments required to develop and deploy such cutting-edge technologies.
WeRide’s successful IPO signifies the growing investor confidence in the autonomous driving sector. As the company continues to refine its technology and expand its operations, it is poised to play a pivotal role in the future of transportation. With this fresh funding, WeRide is well-positioned to accelerate its development and bring its autonomous driving solutions to more cities and countries around the world.
Key Players in WeRide’s IPO:
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Underwriters:
Morgan Stanley Asia Ltd., J.P. Morgan Securities LLC, China International Capital Corporation Hong Kong Securities Limited, ABCI Securities Company Limited, BNP Paribas Securities (Asia) Limited, and Tiger Brokers (NZ) Limited.WeRide’s Vision:
WeRide’s mission is to develop and deploy safe, reliable, and affordable autonomous driving solutions that can improve road safety, reduce traffic congestion, and offer a more convenient and sustainable transportation experience. The company’s commitment to innovation and its growing global footprint position it as a major player in the future of mobility.
