BRIEF: China Approves WeRide’s Nasdaq IPO Application
China’s securities regulator approved an application for a U.S. IPO by robotaxi operator WeRide Inc., paving the way for the company to raise up to $400 million in one of the largest New York IPOs by a Chinese firm in three years. The China Securities Regulatory Commission (CSRC) said WeRide plans to issue up to 159 million ordinary shares for the listing on the Nasdaq, according to a post on the regulator’s website on Thursday.
The CSRC previously approved an earlier listing application by WeRide, but that approval lapsed after the company was unable to complete the IPO before the expiration of a one-year deadline in August. The new approval means that WeRide can resume the IPO plan.
The company previously said it planned to raise up to $120 million from the sale of 6.5 million American depositary shares (ADS) for between $15.50 and $18.50 each. In addition, the company planned to raise another $320 million in concurrent private placements, led by a $100 million investment from Alliance Ventures, the venture capital fund of the Renault Nissan Mitsubishi alliance.
By Doug Young
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