Welcome to Extreme Investor Network, where we provide you with the latest and most exclusive information in the world of finance. Today, we are diving into the news of self-driving technology company WeRide delaying its initial public offering in the U.S.
WeRide has announced that it needs more time to complete the necessary documents for its IPO, pushing back its expected listing date. The company was set to offer 6.5 million American depositary shares (ADS) in the range of $15.50 to $18.50, with hopes of raising up to $440 million in the U.S. market.
Founded in Silicon Valley in 2017, WeRide has made strides in developing self-driving technology for various applications, including robotaxis, minibuses, and freight sanitation vehicles. With a last valuation of around $5.11 billion and having raised $1.39 billion, the company has garnered significant attention in the industry.
Beijing approval for the IPO deal is set to expire this week, raising questions about the company’s next steps if the deadline is missed. Many were eagerly awaiting WeRide’s potential listing as an indicator of the Chinese IPO market in the U.S., which has seen a dry spell in recent years.
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