WeRide IPO Date Delayed as Deadline Closes

WeRide IPO Date Delapyed: WeRide, a self-driving technology company, has postponed its initial public offering (IPO) in the United States Market because of a delay in finalizing IPO documents.

In a statement on Thursday, the company said, “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 self-driving technology company, WeRide was expected to issue a fresh 6.5 million ADS (American depositary shares) in a set price range of $15.50 to $18.50.

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The company plans to raise $440 million through its public subscription in the US market that was scheduled for this week.

The Pitchbook Data reported that WeRide offers self-driving technology services and specializes in the development of self-driving technology for robotaxis, minibusses, and freight sanitation vehicles, was recently valued at approximately $5.11 billion and has earned $1.39 billion.

It is unlikely that the company needs to reapply for approval of the deal if the company fails to meet the deadline as Beijing approval expires this week.

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WeRide was founded by Tony Han, and Yan Li in Silicon Valley in 2017 and established in the Cayman Islands. In 2019, the company launched its first robotaxi service in Guangzhou, China.

WeRide filed for its IPO on the Nasdaq in July.

In recent years, Chinese IPOs in the US market have not experienced much good response from investors.

However, many investors were keeping track of WeRide’s potential listing for indications of a rebound. If the IPO gets successfully listed then it would be the largest U.S. listings by a Chinese company since Didi’s IPO in 2021.

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