WeRide, a Chinese autonomous vehicle company, registered 1 billion American Depository Receipts (ADRs) at a maximum price of $0.05, with an aggregate offering of $50 million, signaling its readiness for a U.S. IPO.
WeRide is reportedly seeking up to $400 million in its IPO and private placement, with $100 million from the IPO and $200-300 million from the placement. The $50 million of ADSs could be part of the IPO or indicate potential additional share issuances.
If and when WeRide goes public, it will be the largest IPO by a Chinese company on the U.S. stock market since Zeekr's debut in May. WeRide aims to access public markets for scaling and competitiveness amid VC funding challenges in the AV sector.
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