(Reuters) -Pony AI mentioned on Wednesday it had raised $260 million in its U.S. preliminary public providing, valuing the China-based robotaxi firm at round $4.55 billion.
It bought 20 million American depositary shares within the providing priced to buyers at $13 every, the high-end of its focused vary.
Pony AI’s itemizing might present how U.S. buyers method China-based corporations underneath Donald Trump’s administration, particularly as the 2 greatest economies on this planet vie for dominance in high-stakes industries corresponding to autonomous driving.
The corporate is ready to affix a rising cohort of China-based corporations tapping U.S. capital markets following the decision of a longstanding accounting dispute between the 2 international locations.
Different China-based corporations, together with EV maker Zeekr and peer self-driving tech agency WeRide, additionally went public within the U.S. earlier within the 12 months. Zeekr is buying and selling 6.5% greater than its IPO worth, whereas WeRide is up practically 13%.
The Toyota Motor-backed firm’s valuation has come down from the $8.5 billion two years in the past.
However the automotive sector’s deal with disruptive applied sciences has led to curiosity from buyers like Uber, who Bloomberg Information reported as planning to put money into the IPO.
Pony AI, which is able to start buying and selling on the Nasdaq in a while Wednesday, additionally raised a further $153.4 million in concurrent non-public placement.
Goldman Sachs, BofA Securities, Deutsche Financial institution, Huatai Securities and Tiger Brokers had been the underwriters for the IPO.
(Reporting by Niket Nishant and Manya Saini in Bengaluru; Modifying by Shilpi Majumdar and Tasim Zahid)