Finance
Chinese self-driving startup WeRide is postponing its US IPO as the deadline approaches
In this photo illustration, a WeRide logo of the Chinese robotaxi company is seen on a smartphone and a PC screen.
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Self-driving technology company WeRide postponed its plan for a US initial public offering, citing the need for more time to complete documents.
“Updating transaction documents is currently taking longer than expected, and WeRide is working to complete the documentation necessary to move forward with the transaction,” the company said in a statement Thursday.
WeRide was expected to offer 6.5 million ADS (American Depositary Shares) in a range of $15.50 to $18.50. It planned to raise up to $440 million through a U.S. stock market listing scheduled for this week
The company, which develops self-driving technology for robotaxis, minibuses and sanitation, was last valued at about $5.11 billion and has raised $1.39 billion, according to Pitchbook data.
Beijing approval for the agreement expires this week and it is unclear whether the company will have to reapply for approval if it misses the deadline.
The company was founded in Silicon Valley in 2017 and based in the Cayman Islands, before launching a robotaxi service in Guangzhou, China, in 2019. It filed for an initial public offering on the Nasdaq. in July.
It has been a dry market for Chinese IPOs in the US in recent years, and many were watching WeRide’s potential listing for signs of a recovery. If completed, the IPO would be one of the largest U.S. listings by a Chinese company since Didi’s 2021 IPO.
