China's WeRide seeks to raise up to $583m in US IPO, placement

Firm was granted approval in 2023 by the Chinese securities regulator for a US listing

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WeRide, a Chinese selfdriving automotive company, is seeking to raise as much as US$440 million (S$583 million) in a US initial public offering (IPO) and concurrent private placement.

The Guangzhou-based autonomous vehicle company, which was granted approval in 2023 by the Chinese securities regulator for a US listing, is offering 6.45 million.

American depositary shares (ADS) at US$15.50 to US$18.50 each, according to a US Securities and Exchange Commission filing on Aug 9 confirming an earlier Bloomberg News report.

With each ADS representing three ordinary shares, WeRide would have a market value of about US$5 billion at the top of that range based on the filing.

A group of investors agreed to buy US$320.5 million worth of ordinary shares via private placements, the filing shows.