WeRide Files for NASDAQ IPO Targeting $5 Billion Valuation

WeRide Files for NASDAQ IPO, Plans Global Robotaxi Launch

WeRide, a Chinese leading autonomous driving company, has captures industry attention by the news of filing for NASDAQ IPO, and announcing to launch its new generation of Robotaxi globally on October 15th.

IPO Details and Financial Goals

It is reported that WeRide is seeking to raise up to $440 million through the IPO and private placement. WeRide received approval from the China Securities Regulatory Commission for a US listing last July, and plans to offer 6.45 million American Depositary Shares (ADS) at an issue price range from $15.50 to $18.50, raising $119.4 million, which means, WeRide eyes up to $5 billion valuation. Notably, German automotive supplier Bosch has shown interest of purchasing ADS worth up to $100 million, accounting for more than 91% of WeRide's shares in this offering.

WeRide 's Background and Products Metrics

Autocango learned that WeRide, established in 2017, is a technology company with autonomous driving licenses in four countries, including China, the United States, the United Arab Emirates, and Singapore. WeRide has already carried out autonomous driving technology research and development, testing, and operating worldwide, covering 30 cities from 7 countries. In terms of business, WeRide develops autonomous driving technologies from L2 to L4, including five major products: Robotaxi (autonomous taxis), Robobus (autonomous minibuses), Robovan (autonomous freight vehicles), Robosweeper (autonomous sanitation vehicles), and ADS (advanced intelligent driving).

WeRide Financing Information

From public information obtained by Autocango, WeRide has went through multiple rounds of financing:

a) In January 2021, WeRide finished a Series B financing of $310 million.

b) In May 2021, WeRide announced the completion of hundreds of millions of dollars in Series C financing.

c) In December 2021, WeRide announced the strategic investment from GAC Group.

d) In May 2022, WeRide announced the strategic investment from German automotive supplier Bosch.

e) In June 2024, WeRide received an investment not exceeding $20 million from GAC Capital, a wholly-owned subsidiary of GAC Group.