BRIEF: WeRide raises $440 million in Nasdaq IPO
Shares of Robotaxi operator WeRide Inc. (WRD.US) rose 6.8% in their trading debut on Friday, as the company raised $440.5 million in one of the biggest New York IPOs by a Chinese company this year. WeRide sold about 7.74 million American depositary shares (ADS) for $15.50 each, the company said, representing the lower end of its previously announced range of $15.50 to $18.50.
The stock traded as high as $19.14 early in the Friday session, up 23% from the IPO price, before settling down to finally close up 6.8%.
The ADS sale raised about $120 million. In addition, WeRide said other investors have agreed to buy another $320.5 million worth of the stock concurrent with the IPO. It previously said $100 million of that would come from a commitment by Alliance Ventures, the venture capital fund of the Renault Nissan Mitsubishi alliance.
WeRide’s listing came the same week that another Chinese autonomous driving company, Horizon Robotics, also listed shares in Hong Kong, raising HK$5.41 billion ($696 million). Those were two of the biggest offshore IPOs by Chinese technology companies this year since electric vehicle (EV) maker Zeekr (ZK.US) raised $440 million in May. The new momentum comes amid a recent rally for Chinese stocks following China’s announcement of major new actions to stimulate the country’s slowing economy.
Reporting by Doug Young
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